Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
Related questions
Question
How much must you deposit in a bank account today to have $1000 at the end of 8 years if the bank quotes a rate of 1.25%, compounded daily? Assume a 365-day year.
Group of answer choices
$905
$360
$125
$1,104
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