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kobusy [5.1K]
3 years ago
5

Present and future value tables of $1 at 3% are presented below

Business
1 answer:
Molodets [167]3 years ago
5 0

Answer:

B. $228,122.

Explanation:

Number of quarters = 3 * 4 = 12

Quarterly interest rate = 12%/4 = 3%

From the table, the correct discounting factor for the future value (FV) = 1.42576

We then have:

FV = $160,000 * 1.42576 = $228,122

Therefore, the maturity value of the CD is $228,122.

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