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PLEASE USE EXCEL TO SOLVE THE FOLLOWING QUESTION AND SHOW ALL WORK. THE CORRECT ANSWER IS IN THE BOX. THANK YOU! You have $10,400 in
PLEASE USE EXCEL TO SOLVE THE FOLLOWING QUESTION AND SHOW ALL WORK. THE CORRECT ANSWER IS IN THE BOX. THANK YOU!
You have $10,400 in your account today. You expect to earn a real annual return (APR) of 3.9% with quarterly compounding for the next twenty years. If inflation is 1.9% (APR, monthly compounding), how many nominal dollars will you have in your account at the end of twenty years? (Note: Be careful not to round any intermediate steps less than six decimal places.) The nominal dollars in your account after twenty years will be $ (Round to the nearest cent.)Step by Step Solution
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