YOU ARE SAVING FOR A NEW HOUSE AND YOU PUT $1,000 PER YEAR IN AN ACCOUNT PAYING 25% COMPOUNDED ANNUALLY. THE FIRST PAYMENT IS MADE TODAY. HOW MUCH WILL YOU HAVE AT THE END OF 3 YEARS? Select one: a. 4761.625 b. 4766.625 c. 3025 O d. 4765.63

YOU ARE SAVING FOR A NEW HOUSE AND YOU PUT $1,000 PER YEAR IN AN ACCOUNT PAYING 25% COMPOUNDED ANNUALLY. THE FIRST PAYMENT IS MADE TODAY. HOW MUCH WILL YOU HAVE AT THE END OF 3 YEARS? Select one: a. 4761.625 b. 4766.625 c. 3025 O d. 4765.63

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 11PROB

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YOU ARE SAVING FOR A NEW HOUSE AND YOU PUT $1,000 PER YEAR IN AN ACCOUNT PAYING 25% COMPOUNDED ANNUALLY. THE FIRST
PAYMENT IS MADE TODAY. HOW MUCH WILL YOU HAVE AT THE END OF 3 YEARS?
Select one:
a. 4761.625
b. 4766.625
c. 3025
d. 4765.63

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