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  3. a company must pay a $304,000 settlement in 6 year

A company must pay a $304,000 settlement in 6 years. (a) What amount must...

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Verified Solution

Question

Accounting

A company must pay a

$304,000

settlement in

6

years.

(a) What amount must be deposited now at

5%

compounded semiannually to have enough money for the settlement?

(b) How much interest will be earned?

(c) Suppose the company can deposit

$100,000

now in an account that pays interest continuously. What interest rate would they need to accumulate the entire

$304,000

in

6

years?

Answer & Explanation Solved by verified expert
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