K Use the simple interest formula to determine the missing value. p=$959.96, r=4.5%, t=?, i=$172.79
K Use the simple interest formula to determine the missing value. p=$959.96, r=4.5%, t=?, i=$172.79
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 11E
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K
Use the simple interest formula to determine the missing value.
p=$959.96, r=4.5%, t=?, i=$172.79
Transcribed Image Text:不
Becky would like to be a millionaire in 20 years. How much would she need to invest quarterly in a sinking fund paying
an 8% interest rate compounded quarterly to accumulate $1,000,000 in 20 years?
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