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3. The future value Fv of monthly payments of x at an interest rate of i compounded monthly for n years is given by Fv=121x[(1+12i)121]
3. The future value Fv of monthly payments of x at an interest rate of i compounded monthly for n years is given by Fv=121x[(1+12i)121] Instead of monthly payments, Cody pays 4 quarterly payments of R2500. The interest rate is 16% per annum compounded quarterly, not monthly. Modify the formula above to obtain the future value if Cody makes these quarterly for 5 years
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Essentials Of Health Care Finance
Authors: William O. Cleverley
3rd Edition
0834203413, 978-0834203419
