3. A person invests 4,500 in the hopes of receiving a return in eight years. What amount, in pesos, will be recovered eight years from now if the interest rate on the investment is 14.54 percent per year, compounded annually?

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter16: Interest, Rent, And Profit
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3. A person invests 4,500 in the hopes of receiving a return in eight years. What amount, in pesos, will be recovered eight years from now if the interest rate on the investment is 14.54 percent per year, compounded annually? 4. Calculate the compounded interest after 7 years and 9 months if 500,000 is placed at an annual rate of 11.28 percent compounded monthly. On January 1, 1988, a total of 5,200,000 was deposited at a rate of 24.50 percent compounded semi-annually. What was the value of the sum on January 1, 1993? 3 decimal places
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