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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 132
Solve each application problem. Assume a sales commission of $10 per bond, unless indicated otherwise, and use the table in this section. Round the rate to the nearest tenth of a percent.
BOND FUND The community college where Roman Rodriguez works has an endowment funded by alumni and business owners in the community. The manager of the endowment invested $500,000 in a bond fund yielding 6% compounded semiannually. Find (a) the interest for the first year and (b) the future value of the account in 8 years.
BOND FUND The community college where Roman Rodriguez works has an endowment funded by alumni and business owners in the community. The manager of the endowment invested $500,000 in a bond fund yielding 6% compounded semiannually. Find (a) the interest for the first year and (b) the future value of the account in 8 years.
Explanation
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a) Finding the interest in the first yea...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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