Answered: You owe the bank $1,245 in 9 months.…

You owe the bank $1,245 in 9 months. How much do you need to deposit in an account today, earning 3.25% APR compounded monthly, to fully fund this obligation?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...

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You owe the bank $1,245 in 9 months. How much do you need to deposit in an account today, earning 3.25% APR compounded monthly, to fully fund this obligation?

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