If a compound interest rate table reveals that the future value of 1 after 18...
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Accounting
If a compound interest rate table reveals that the future value of 1 after 18 years at a 5% rate of interest is 2.40662, to what amount will $1,500 grow by the end of 18 years if it is invested at a compound annual rate of interest of 5%?If you wished to produce a lower future value as the answer, which of the following would produce the desired result? I. Increase the number of years. II. Reduce the interest rate. III. Increase the size of the initial sum.
| I only | ||
| II only | ||
| III only | ||
| I and III only |
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