An individual wishes to deposit an amount of money now to, Ask an Expert

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An individual wishes to deposit an amount of money now to have an accumulation of $2000 at the end of 5 years. If the interest rate is at 4% per year, compounded monthly, determine

a) how much should be deposited now?

b) what is the effective annual interest rate?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92320735

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