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3. If your child earned $6000 at age 2, and you invested this money in a fund at 12% until she is 67 years
3. If your child earned $6000 at age 2, and you invested this money in a fund at 12% until she is 67 years old (so you would compound this money for 65 years), how much money would she have if you compounded the money monthly? Explain why it is important to do you homework and find the best interest rate or return on your investment.
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Solution Step 1 Effective rate Rate r 12 or 012 n 12 compounded monthly Now effective annual rate EA...
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Entrepreneurial Finance
Authors: Philip J. Adelman; Alan M. Marks
6th edition
9780133099096, 133140512, 133099091, 978-0133140514
