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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How much money do you have to put into a bank account that pays 10% interest compounded annually to have Chapter 17, Problem 39P, How much money do you have to put into a bank account that pays 10% interest compounded annually to in ten years?

To determine

To calculate: the amount of money that is to be placed in a bank account with the given data.

Explanation

Given:

A=$10, 000, n=10 years, r=10%, p=?

Using compound interest formulae

  A=P( 1+ r 100)n              $10, 000=P( 1+ 10 100)10$10,000=P( 1+0

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