You are scheduled to receive $18,500 in three years. When you receive it, you will invest it for nine more years at 9.25 percent per year. How much will you have in twelve years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

You are scheduled to receive $18,500 in three years. When you receive it, you will invest it for nine more years at 9.25 percent per year. How much will you have in twelve years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1QTD

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Question

You are scheduled to receive $18,500 in three years. When you receive it, you will invest it for nine more years at 9.25 percent per year.

How much will you have in twelve years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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