Answered: How much will you have after 15 years?

Business

Finance

How much will you have after 15 years?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section1.4: Perform Time Value Of Money Calculations

Problem 3CC

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Concept explainers

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.

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Find the future value of AED 10,000 per month (at the beginning of the month) for six years at 10 percent. At the end of 6 years you take the proceeds and invest them for 9 years at 12 percent. How much will you have after 15 years?

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