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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 345
Solve using the equation given. Note that M = maturity value, P = principal or loan amount, i = annual interest rate, and n is the number of years.
INHERITANCE Maybelle Jackson inherited $8500 when her grandfather died. She placed the money in a dividend paying bond fund that pays 3.5, per year and plans to leave it there for 20 years until she retires. Use M = P (1 + i ) n to solve for the maturity value. (Hint: Assume the price of the bond fund remains constant.)
INHERITANCE Maybelle Jackson inherited $8500 when her grandfather died. She placed the money in a dividend paying bond fund that pays 3.5, per year and plans to leave it there for 20 years until she retires. Use M = P (1 + i ) n to solve for the maturity value. (Hint: Assume the price of the bond fund remains constant.)
Explanation
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Given, $8500 is deposited in a...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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