Quiz Ch 04 – South Central Bank & Northern Bank

Essentials of Corporate Finance

Ross, Westerfield, and Jordan

10th Edition

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To achieve a balance of $1,500 in your savings account 2 years from now, what is the amount you need to deposit today, considering the interest rates offered by South Central Bank (compounded annually at 2.5 percent) and Northern Bank (simple interest at 2.5 percent)?

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