Jessica deposits her $2,500 bonus cheque into the bank at the end of 2015. At the...
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Jessica deposits her $2,500 bonus cheque into the bank at the end of 2015. At the end of 2016, she deposits another bonus cheque, which is double the amount of last year's cheque. Given that the interest rate is 5% per year, what is the total future value of these two bonuses at the end of 2017? Jessica deposits her $2,500 bonus cheque into the bank at the end of 2015. At the end of 2016, she deposits another bonus cheque, which is double the amount of last year's cheque. Given that the interest rate is 5% per year, what is the total future value of these two bonuses at the end of 2017?
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To calculate the future value of Jessicas bonus cheques well need to apply compound interest Well ... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
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