Question
9. A certain amount was invested at 12% compounded annually. If after 5 years, the total amount in the fund is $48,500, how much was
9. A certain amount was invested at 12% compounded annually. If after 5 years, the total amount in the fund is $48,500, how much was initially invested?
Given:
Required:
Solution:
Answer:
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
978-1259024979
