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majarm majarm
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4 years ago
Darcy's parents made a trust deposit of $3500.00 on October 31, 2002, to be withdrawn on Darcy's eighteenth birthday on July 31, 2016. To what will the deposit amount on that date at 13.48% compounded quarterly?
Textbook 

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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SupremeSupreme
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4 years ago
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PV = 3500.00; i =   = 0.0337
October 31, 2002 - July 31, 2016 contains 13 years, 9 months.
n = 13 * 4 + 9/12 * 4 = 52 + 3 = 55
FV = 3500(1 + 0.0337)55 = 3500(6.1901104) = 21 665.39

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