On the first day of each month, beginning January 1, 1995, Smith deposits 100 into an account
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On the first day of each month, beginning January 1, 1995, Smith deposits 100 into an account earning i(12)=0.09, with interest credited on the last day of each month. In addition, Smith deposits 1,000 into the account every December 31. What day does the account exceed 100,000 for the first time?
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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