Suppose you want to start your own business in 10 years, and you plan to invest $3,600
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Question:
Suppose you want to start your own business in 10 years, and you plan to invest $3,600 quarterly in an interest-bearing account with an annual interest rate of 3.85% to reach that goal. Given this aforementioned investment strategy, (a) how much money will you have then? (b) If you decide to reinvest your funds at maturity for an additional 4 years, under monthly compounding, and an annual interest rate of 2.25%.
How much money will you have at the end of the reinvestment process?
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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