After recording with the Hassles and Attila, The Entertainer, Billy Joel, went solo and cut an...
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After recording with the Hassles and Attila, The Entertainer, Billy Joel, went solo and cut an album, called Cold Spring Harbor. On February 16, 1974 (def-def- definitely a Saturday), a Manhattan record store had placed the LP "in the back in the discount rack" and was selling it for $1.99. A local dealer claims 49 years later that Cold Spring Harbor on Family Productions has increased in price at an 18% rate compounded on a quarterly basis. What is its value today (2/16/2023)? Another dealer also claims an 18% rate but believes it to be compounded on a monthly basis. What then would its value be today (2/16/2023)? After recording with the Hassles and Attila, The Entertainer, Billy Joel, went solo and cut an album, called Cold Spring Harbor. On February 16, 1974 (def-def- definitely a Saturday), a Manhattan record store had placed the LP "in the back in the discount rack" and was selling it for $1.99. A local dealer claims 49 years later that Cold Spring Harbor on Family Productions has increased in price at an 18% rate compounded on a quarterly basis. What is its value today (2/16/2023)? Another dealer also claims an 18% rate but believes it to be compounded on a monthly basis. What then would its value be today (2/16/2023)?
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To solve this problem we can use the formula for compound interest A P 1 rnnt where A is t... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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