Interest And Future Income Calculations
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Here are two questions regarding the interest and investments.
Margaret Hillman invested $8,000 at 1.8% compounded quarterly for one year. Find the future value and the interest earned for the year.
How much should Linda Bryan set aside now to buy equipment that costs $6,200 in one year? The current interest rate is 0.95% annually, compounded annually.
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Solution Summary
Solutions depict the steps to determine present and future values of single cash flows. It answers two specific questions regarding interest accumulated on investments, and planned savings.
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Margaret Hillman invested $8,000 at 1.8% compounded quarterly for one year. Find the future value and the interest earned for the year.
Number of periods=n=1*4=4 ...
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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