Question
If you deposit $15,000 today in a bank account paying 2.8% interest, compound annually. How much will you have at the end of eight (8)
If you deposit $15,000 today in a bank account paying 2.8% interest, compound annually. How much will you have at the end of eight (8) years?
Raja intends to start a business six (6) years later. He estimated that he will need an initial capital of $150,000 by then. To prepare for this, he wants to place a fix sum in an investment now which will pay a return of 4.5% annually.
How much do you think he needs to invest today to meet the initial capital amount?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
