Question
Not Graded... Present Value Computation Pete Frost made a deposit into his savings account 3 years ago, and earned interest at an annual rate of
Not Graded...
Present Value Computation Pete Frost made a deposit into his savings account 3 years ago, and earned interest at an annual rate of 8%. The deposit accumulated to $20,000. How much was initially deposited assuming that the interest was compounded (a) annually, (b) semiannually, and (c) quarterly? Use Excel or a financial calculator for computation. Round your answer to nearest dollar.
| (a) | Annually | Answer |
| (b) | Semiannually | Answer |
| (c) | Quarterly | Answer |
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
