Interest compounded yearly
Problem: You deposit $700 in an account that pays 2.75% annual interest. How long does it take the balance to reach $1,500 when the interest is compounded yearly? Show your work.
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The Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days. The information is reported below:
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If I compute the present value of this stream of income at a discount rate of 8%. If I calculate the present value for whole stream income. ex: the total value of receiving all three payments ( how much would I pay right now to receive these three
You deposit $700 in an account that pays 2.75% annual interest. How long does it take the balance to reach $1,500 when the interest is compounded yearly? Show your work.
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a. What is the dollar return earned by Michelle during the year? b. What is the rate of return (percentage) earned by Michelle?
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