Use the compounding or discounting formula to answer the following questions. a. Your small business has a
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Use the compounding or discounting formula to answer the following questions.
a. Your small business has a cash reserve of about $200,000, earning 2% annual interest. How much will that be worth in 3 years?
b. You want $1 million in your retirement account in 50 years. If your account grows at an annual rate of 4%, how much would you have to deposit today to reach $1 million in 50 years?
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a To calculate the future value of the cash reserve after 3 years we can u...View the full answer
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