Your wealthy uncle established a $ 1,000 bank account for you when you were born. For the first 8 years of your life, the interest rate earned on the account was 8%. Since then, rates have been only 6%. Now you are 21 years old and ready to cash in. How much is in your account?

Chapter 5, Questions and Problems #79

Your wealthy uncle established a $ 1,000 bank account for you when you were born. For the first 8 years of your life, the interest rate earned on the account was 8%. Since then, rates have been only 6%. Now you are 21 years old and ready to cash in. How much is in your account?

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Related Book For answer-question

Fundamentals Of Corporate Finance

6th Canadian Edition

Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan, Gordon Roberts

ISBN: 9781259087585