Introduction to Finance

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obxunzf5

Business Finance

Description

You deposit $1,900 at the end of each year into an account paying 10.1 percent interest.

1) How much money will you have in the account in 24 years?

2) How much will you have if you make deposits for 48 years?

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Explanation & Answer

a=(p*r%*t)+principle

interest=$1900*10.1/100*24

4605.6+1900

=$6505.6

B

a=(p*r%*t)+principle

interest=$1900*10.1/100*48

=$9211.2+1900

=$11111.2

Thanks




Anonymous
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