Celebrimbor invests $23,000 at 14% compounded scmi-annually on August 12, 2022. (a) (16 points) How much...
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Celebrimbor invests $23,000 at 14% compounded scmi-annually on August 12, 2022. (a) (16 points) How much is the investment worth on October 12, 2028, assuming simple interest is used for a part of a compounding period? (b) (4 points) What is the equivalent bank discount rate for the time where simple interest is used? Celebrimbor invests $23,000 at 14% compounded scmi-annually on August 12, 2022. (a) (16 points) How much is the investment worth on October 12, 2028, assuming simple interest is used for a part of a compounding period? (b) (4 points) What is the equivalent bank discount rate for the time where simple interest is used?
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Answer rating: 100% (QA)
SOLUTION a To solve this problem we need to calculate the future value of the investment using the compound interest formula FV PV 1 rnnt where FV is ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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