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ikrabbe ikrabbe
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7 years ago
How much interest is included in the accumulated value of $250 paid at the end of every month for 5 years if the interest rate is 4.0% compounded monthly?
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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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wrote...
7 years ago
FVn = 250.00   = 250.00(66.298971) = 16 574.74
Total paid = 250.00 × 60 = $15 000.00
Interest = 16574.74 - 15000 = $1574.74
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