Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been paying you 1 percent per month, compounded monthly. Today. you checked the balance, and found it to be £708.31. How long ago did you deposit the £500?

Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been paying you 1 percent per month, compounded monthly. Today. you checked the balance, and found it to be £708.31. How long ago did you deposit the £500?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been
paying you 1 percent per month, compounded monthly. Today, you checked the balance, and found it
to be £708.31. How long ago did you deposit the £500?

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