Calculate the value and that will be the amount of money accumulated
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Can you give me the formula used to solve the following problem?
What amount of money today is equivilant to $100 per month compounded quarterly for 10 years at 5%?
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Rate of interest 5% per year
r= rate of interest per period=5%/4=0.0125
Time=10 ...
Solution Summary
What amount of money today is equivilant to $100 per month compounded quarterly for 10 years at 5%?
$2.49