A company deposits $500,000 per year which will earn 10% interest per year. Assuming the first payment is made at the end of the year (i) Determine the amount of money after 10 years (ii) Calculate the interest earned for 10 years given : R = 500,000 i=10% n = 10 asked Sn? and Interest = Sn-(R*n)?
A company deposits $500,000 per year which will earn 10% interest per year. Assuming the first payment is made at the end of the year (i) Determine the amount of money after 10 years (ii) Calculate the interest earned for 10 years given : R = 500,000 i=10% n = 10 asked Sn? and Interest = Sn-(R*n)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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