Determining the account every year
Problem:
You deposit $3,500 into an account every year for 6 years. The account pays 7% interest. How much will you have at the end of that time? Show your all work and describe in detail.
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The time value of money is an important topic in finance. It essentially postulates that $1 today is worth more than $1 received tomorrow. Let's discuss a few topics around this concept:
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Find the Present Value of $344 to be received 2 year(s) from now if the interest rate is 6% compounded Monthly. Show your all work and describe in detail.
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