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Q: interest rates over aperiod of time ( No Answer,   1 Comment )
Question  
Subject: interest rates over aperiod of time
Category: Business and Money
Asked by: jean31-ga
List Price: $2.00
Posted: 12 Apr 2006 15:27 PDT
Expires: 12 May 2006 15:27 PDT
Question ID: 718325
If you need to have $5000 at the end of 7 years and the interest rates
are 11% over this period of time what would be the starting amount?
and how did you get that number?
Answer  
There is no answer at this time.

Comments  
Subject: Re: interest rates over aperiod of time
From: kokotbone-ga on 12 Apr 2006 15:39 PDT
 
I think you need to start with $2,408.29 assuming interest compounds
annually at 11% over 7 years.

I got that number by dividing $5,000 by 1.11 to the seventh power.

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