Answered: At a compound interest rate of 10% per…

At a compound interest rate of 10% per year, the amount that $10,000 one year ago is :equivalent to now is closest to .a $12,100 .b O $8264 .c O $11,000 .d $9091

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 11EA: How much would you invest today in order to receive $30,000 in each of the following (for further...

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

At a compound interest rate of 10% per year,
the amount that $10,000 one year ago is
:equivalent to now is closest to
.a
O $12,100
.b
$8264
.c
$11,000
.d
$9091

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