Question
An investment allows for end-of-year payments that grow by 4% per payment for 20 years, starting with $2,000 at the end of the first year.
An investment allows for end-of-year payments that grow by 4% per payment for 20 years, starting with $2,000 at the end of the first year. If the payments earn 4% compounded annually, how much interest was earned by this investment?
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
