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Using the present value approach, solve the following: Tom has $100 in a bank account that pays a guaranteed 5% interest rate each year. How much would Tom have at the end of Ye…

Using the present value approach, solve the following: Tom has $100 in a bank account that pays a guaranteed 5% interest rate each year. How much would Tom have at the end of Ye…
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Using the present value approach, solve the following:

Tom has $100 in a bank account that pays a guaranteed 5% interest rate each year. How much would Tom have at the end of Year 3?

User Kamilyrb
by
7.5k points

1 Answer

4 votes

Answer:

Explanation:

$100x0.5x1=$5

User Nilansh Bansal
by
9.0k points
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