You have $9,000 to deposit. Regency Bank offers 12 percent per year compounded monthly (1 percent per
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You have $9,000 to deposit. Regency Bank offers 12 percent per year compounded monthly (1 percent per month), while King Bank offers 12 percent but will only compound annually. How much will your investment be worth in 20 years at each bank?
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To find the FV of a lump sum we use FV PV1 r t In Regency Bank ...View the full answer
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Related Book For 
Essentials Of Corporate Finance
ISBN: 9780073382463
7th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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