A small business wants to expand its production in 10 years. In order to have enough money
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Question:
A small business wants to expand its production in 10 years. In order to have enough money for the expansion the company is planning to invest $2,500 each month. The annuity pays 2.45% interest. Assume the annuity is compounded monthly.
a. How much did the company invest over the 10 years?
b. What is the maturity value after 10 years?
c. How much did the company earn in interest?
Related Book For
Management Accounting
ISBN: 9780730369387
4th Edition
Authors: Leslie G. Eldenburg, Albie Brooks, Judy Oliver, Gillian Vesty, Rodney Dormer, Vijaya Murthy, Nick Pawsey
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