Each month Lara invests $100 in an account earning 4% annual interest compounded monthly. a)find the value of her investment after 20 years, assuming she started with a zero balance. b)find the initial balance would she have had to start with if she makes no monthly payment, but the account has the same amount of money as the answer to part(a).
Each month Lara invests $100 in an account earning 4% annual interest compounded monthly. a)find the value of her investment after 20 years, assuming she started with a zero balance. b)find the initial balance would she have had to start with if she makes no monthly payment, but the account has the same amount of money as the answer to part(a).
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...
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Each month Lara invests $100 in an account earning 4% annual interest compounded monthly. a)find the value of her investment after 20 years, assuming she started with a zero balance. b)find the initial balance would she have had to start with if she makes no monthly payment, but the account has the same amount of money as the answer to part(a).
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