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a.
To calculate: the future value of lump sum of (a).
Concept Introduction:
b.
To calculate: the future value of lump sum of (b).
Concept Introduction: Time value of money is the concept of finance which calculates the effect of time over the value of money. As per this concept, the present value of a future amount is lower than the future value. The present value/ future value of an amount are calculated using the interest rate as discount rate.
c.
To calculate: the future value of lump sum of (c).
Concept Introduction: Time value of money is the concept of finance which calculates the effect of time over the value of money. As per this concept, the present value of a future amount is lower than the future value. The present value/ future value of an amount are calculated using the interest rate as discount rate.
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MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 1 term
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