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A CEO for Anamoz Inc. signed a 5 year contract. One perk for new CEO's is that Anamoz Inc. gives them a money market
A CEO for Anamoz Inc. signed a 5 year contract. One perk for new CEO's is that Anamoz Inc. gives them a money market bonus annually. In this case, Anamoz Inc. deposits $20,000 each year in a money market account paying 2.8% interest compounded annually. How much will the new CEO have in her account after 5 years?
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Formula We can use the compound interest formula to calculate the future value FV of the investment ...
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Advanced Accounting
Authors: Gail Fayerman
1st Canadian Edition
9781118774113, 1118774116, 111803791X, 978-1118037911
