In a rare moment of generosity you give your nephew 100 on, Financial Management

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In a rare moment of generosity you give your nephew 100 on

In a rare moment of generosity, you give your nephew $100 on his first birthday. Your nephews mother, however, knows the time value of money, so she invests the money in a 20-year 7% CD. (At maturity the CD pays back the principal plus accumulated interest at 7% a year.) If your nephew cashes in the CD at maturity, how much will he receive?

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Financial Management: In a rare moment of generosity you give your nephew 100 on

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