A bond pays dividends of $110 at the end of each year. If the bond matures in 20 years, what is the face value at an interest of 12% compounded annually. The bond value is 1,505.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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A bond pays dividends of $110 at the end of each year. If the bond matures in 20
years, what is the face value at an interest of 12% compounded annually. The bond
value is 1,505.
Transcribed Image Text:A bond pays dividends of $110 at the end of each year. If the bond matures in 20 years, what is the face value at an interest of 12% compounded annually. The bond value is 1,505.
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