Answered: An Engineering firm deposits…

An Engineering firm deposits Kshs.1,000,000 into a bank that pays an interest of 5% per annum compounding interest once a year. How much money will be in the bank after three years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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Question

I need the answer as soon as possible

An Engineering firm deposits
Kshs.1,000,000 into a bank that
pays an interest
of 5% per annum compounding
interest once a year. How much
money will be
in the bank after three years?
Assume no withdrawals or new
deposits during
that period.
09:34 /

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