Category: Business and Money > Accounting
Asked by: k9queen-ga
List Price: $2.00
22 Jan 2003 11:34 PST
Expires: 21 Feb 2003 11:34 PST
Question ID: 147072
A friend plans to buy a big screen TV, and can afford to set aside $1,320.00 toward the purchase today. If your friend can earn 5.0%, how much can your friend spend in 4 years on the purchase? Round off to the nearest dollar.
Re: financial accounting
Answered By: legolas-ga on 22 Jan 2003 11:41 PST
Hi k9queen-ga, I'll just give both: Compounded monthly, at 5% per year, your friend will have $1611.59. Simple interst, at 5% per year, with the 5% not being paid on the interest $1584.00 Thanks! Legolas-ga
rated this answer:
Great answer! Thank you, and very fast response!
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