A friend tells you she has saved for 5 years and has a present sum of $15,000 , which earned at the rate of 8% per year compounded quarterly Determine the equivalent amount she had to start with 5 years ago.

A friend tells you she has saved for 5 years and has a present sum of $15,000 , which earned at the rate of 8% per year compounded quarterly Determine the equivalent amount she had to start with 5 years ago.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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