95. Katy deposits $1,500 in a savings account that has a floating rate of interest. She plans
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95. Katy deposits $1,500 in a savings account that has a floating rate of interest. She plans to withdraw all her money in 5 years. In that period, the annual interest rate paid on deposits in this account changes several times—the interest rates in the next 5 years are 8%, 10%, 9%, 10%, and 10% respectively. How much does Katy receive upon withdrawing her funds after 5 years? (4.13)
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Related Book For
Engineering Economy
ISBN: 9781292265001
17th Global Edition
Authors: William G. Sullivan ,Elin M. Wicks ,C. Patrick Koelling
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