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Finance - The Calculation of Compound Interest

5. Summary - In 1991 an Apache tracker was promised $10,000 for helping to capture the notorious outlaw Denny the Menace. In 2006 the daughter of the tracker claimed that this reward had not been paid. The Treasury Secretary stated that if this was true, the government would be happy to pay the $10,000. However, the daughter also claimed that she was entitled to interest. How much was she entitled to if the interest rate was 8% compounded annually?

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For your convenience, I have attached a formatted MS Word file containing the text below, as well as a reference source, which will prove very useful in gaining a better understanding of the subject matter.

Feel free to contact me in the future in the event that additional assistance is required.

Summary - In 1991 an Apache tracker was promised $10,000 for helping to capture the notorious outlaw Denny the Menace. In 2006 the daughter of the tracker claimed that this reward had not been paid. The Treasury Secretary stated that if this was true, the government would be happy to pay the $10,000. However, the daughter also ...

Solution Summary

This formatted MS Word file contains examples which illustrate how to calculate compound interest.

$2.19