What amount 12 months ago is equivalent to $2,900, 2½ years from now if money earns 4.50% compounded monthly during the intervening time? Thank you!
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Here's a hint: $\displaystyle x*(1+(0.045/12))^{(12+(2.5*12))}=x*(1+(0.045/12))^{42} = 2900 $ Then solve for x.
Last edited by BoboStrategy; Oct 31st 2008 at 04:44 AM. Reason: Formatting
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