Karen and Mike currently insure their cars with separate companies paying $700 and $900 a year. If
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Karen and Mike currently insure their cars with separate companies paying $700 and $900 a year. If they insure both cars with the same company, they would save 10 percent on the annual premiums. What would be the future value of the annual savings over ten years based on an annual interest rate of 4 percent?
Future ValueFuture value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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700 900 10 160 ...View the full answer
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Aysha Ali
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Focus On Personal Finance
ISBN: 9780077861742
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Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
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