Answered: What present amount of money must be…

What present amount of money must be deposited at 11% interest compounded annually to grow to $15,000 in 9 years? Give your answer to the nearest penny.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 9PROB

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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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What present amount of money must be deposited at 11% interest compounded annually to grow to $15,000 in 9 years? Give your answer to the nearest penny.

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