Eric saved $700 at the end of every year in his savings account at 4% compounded annually
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Question:
Eric saved $700 at the end of every year in his savings account at 4% compounded annually for 6 years.
a.What is the accumulated value of the money at the end of 6 years?
b.What is the interest earned?
Q2-Longcore Technologies has to settle a business loan of $60,000, which has an interest rate of 13% compounded semi-annually. The settlement will consist of semi-annual payments of $12,000 (with the first payment being made six months from now). How many payments will it take to settle the loan?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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