A certain account pays 3.12% interest compounded weekly. Audrey wishes to invest money into this account today so that she will be able to withdraw $100 every week for the next year a) How much must she invest today b) How much interest does she earn

A certain account pays 3.12% interest compounded weekly. Audrey wishes to invest money into this account today so that she will be able to withdraw $100 every week for the next year a) How much must she invest today b) How much interest does she earn

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 13PROB

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A certain account pays 3.12% interest compounded weekly. Audrey wishes to invest money into this account today so that she will be able to withdraw $100 every week for the next year

a) How much must she invest today

b) How much interest does she earn

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