Determine compounded annually
Problem:
On your ninth birthday, you received $300 which you invested at 4.5 percent interest, compounded annually. Your investment is now worth $757. How old are you today?
A. age 29
B. age 30
C. age 31
D. age 32
E. age 33
Explain in detail.
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Suppose you also know that the firm's net capital spending for 2014 was $1,500,000, and that the firm reduced its net working capital investment by $95,000.
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