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Issues in Economics Today 7th Edition by Robert Guell
Edition 7ISBN: 978-0078021817Issues in Economics Today 7th Edition by Robert Guell
Edition 7ISBN: 978-0078021817 Exercise 4
Suppose your grandmother told you (today) that she had set aside an amount of money in a savings account bearing 3 percent interest that was sufficient to give you a $5,000 graduation present in exactly four years. How much would she have had to set aside?
A) $5,000
B) $5,000 × (1.03) 4
C) $5,000/(1.03) 4
D) $5,000/(1 + 0.034)
A) $5,000
B) $5,000 × (1.03) 4
C) $5,000/(1.03) 4
D) $5,000/(1 + 0.034)
Explanation
Verified
Verified
Hence, option (a)is incorrect....
Issues in Economics Today 7th Edition by Robert Guell
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