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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.)

BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

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Chapter
Section
Chapter A3, Problem 2CE
Textbook Problem

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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