On January 13, 2004, Daniel Hernandez deposited P^(62),500 at 8.25% exact interest at exacttime. Without withdrawal during the term, Daniel withdrew P^(64),943.92 at the end of theterm. When did he withdraw his account?

A key idea in finance, present worth is the current value of future cash flows discounted for the…

Answered: On January 13, 2004, Daniel Hernandez…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On January 13, 2004, Daniel Hernandez deposited P^(62),500 at 8.25% exact interest at exact time. Without withdrawal during the term, Daniel withdrew P^(64),943.92 at the end of the term. When did he withdraw his account?