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QUESTION
1.Stan deposits $600 each year for 10 years earning 4%. How much would he have at the end of the 10 years?
The higher the interest rate, the __________ present value.
month
Bob gets a loan of $8,000. If the rate is 6% and term is 5 years, what would his monthly payments be? Remember the timing between when you get the money from a loan and when payments are made (payments are made AFTER you get the loan). Draw this cashflow to determine what type of TVM problem it is.
