Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions Cathy Lumbattis inherited $140,000 from an aunt. Required: If Cathy decides not to spend her inheritance but to leave the money in her savings account until she retires in 15 years, how much money will she have, assuming an annual interest rate of 8%, compounded semiannually? (Note: Round answers to two decimal places.)
Cornerstones of Financial Accounti...
Cornerstones of Financial Accounti...
Solutions
Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions
Cathy Lumbattis inherited $140,000 from an aunt.
Required:
If Cathy decides not to spend her inheritance but to leave the money in her savings account until she retires in 15 years, how much money will she have, assuming an annual interest rate of 8%, compounded semiannually? (Note: Round answers to two decimal places.)
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