Assuming an interest rate of 8% compounded annually, answer the following questions: (a) How much money can
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Assuming an interest rate of 8% compounded annually, answer the following questions:
(a) How much money can be loaned now if $8,000 is to be repaid at the end of five years?
(b) How much money will be required in four years in order to repay a $10,000 loan borrowed now?
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a P 8 000PF 8 ...View the full answer
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