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Tmp 421 exam 2 review - Study guides, Class notes & Summaries

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TMP 421 - Exam 2 Review 2024-2025

  • TMP 421 - Exam 2 Review 2024-2025

  • Exam (elaborations) • 16 pages • 2024
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TMP 421 - Exam 2 Review Questions With Correct Answers

  • TMP 421 - Exam 2 Review Questions With Correct Answers

  • Exam (elaborations) • 24 pages • 2024
  • ©SIRJOEL EXAM SOLUTIONS 12/3/2024 11:27AM Interest for year 3 = (1,081.60)(0.04)(1) = $43.26 Interest earned = $40 + $41.60 + $43.26 = $124.86 Bank balance = $1,124,86 OR using FV FV = $1,000(1.04)^3 = $1,124.86 Future Value - answerFV = PV(1+i)^n PV = Present value, or current principal amount i = interest rate earned per period of compounding n = number of compounding periods that the money will be invested Calculate the future value in 4 years of a $3,000 investment that earns 8% ...
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