What Amount Three Years Ago Is Equivalent to $4,800 on a Date

question 201

Short Answer

What amount three years ago is equivalent to $4,800 on a date 1½ years from now if money earns 8% compounded semi-annually during the intervening time?

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Definitions:

Legal Right

A legally enforced entitlement or permission recognized by law.

Negotiable

Legally transferable from one person to another.

Agency's Fee

A charge or payment made to an agency for its services, typically a percentage of the contract value.

Voucher Checks

A type of check that includes vouchers detailing the reason for the payment, often used by businesses for record-keeping purposes.