Investment in a compound interest account
Sunfresh Markets made a $13,000.00 investment in a compound interest account paying 8% compounded monthly. What was the value of its investment at the end of 8 months?
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The odd numbered payments are P and even numbered payments are 2P. The present values of Cheryl's annuity as well as David's perpetuity are equal if they are computed using i=5%. Compute P. The answer in the back of the book is $2,688.48.
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