Your client has $3,200 in a stock account right now. Suppose they let it grow for 40 years, not adding anything to it. Interest compounds monthly with an annual rate of 6.2%. If the rate of inflation averages 2.7% over that time, what is the value of that investment account in today's real dollars? Answer = $ (Round to %3D

Your client has $3,200 in a stock account right now. Suppose they let it grow for 40 years, not adding anything to it. Interest compounds monthly with an annual rate of 6.2%. If the rate of inflation averages 2.7% over that time, what is the value of that investment account in today's real dollars? Answer = $ (Round to %3D

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 6P

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