You made a single amount of deposit exactly 10 years ago, which has become $500,000 now. a)

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You made a single amount of deposit exactly 10 years ago, which has become $500,000 now.

a) If the account has been earning 6% compounded monthly, how much did you initially deposit?

b) If the account has been earning 6% compounded continuously, how much did you initially deposit?

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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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Posted Date: Apr 17, 2024 07:22 AM

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You made a single amount of deposit exactly 10 years ago, which has become $500,000 now. a)

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a To calculate the initial deposit amount for the account earning 6 compounded monthly we can use th... View the full answer

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