Wednesday
July 23, 2014

Homework Help: math

Posted by liz c on Saturday, November 13, 2010 at 9:46pm.

Inflation is running 2% per year when you deposit $1000 in an account earning interest of 13% per year compounded annually. In constant dollars, how much money will you have two years from now? (Hint: First calculate the value of your account in two years' time, and then find its present value based on the inflation rate. Round your answer to the nearest cent.)
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