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 
Fundamentals Of Corporate Finance
6th Canadian Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan, Gordon Roberts
ISBN: 9781259087585