Question
When Dan signed a three-year contract as a manager, the company allowed reimbursement of $630 at the end of every month for his car expenses.
When Dan signed a three-year contract as a manager, the company allowed reimbursement of $630 at the end of every month for his car expenses. At the time the contract was signed, money was worth 5.13% compounded monthly.
(a) What value did the expense reimbursement provision have when the contract was signed?
(b) What is the outstanding value of the reimbursement after the 20th payment?
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Personal Finance
Authors: Megan Noel, Dan French
2nd Edition
1465246479, 9781465246479
