What Is the Discounted Value of Deposits of $150

question 52

Essay

What is the discounted value of deposits of $150.00 made at the end of each month for fourteen years if interest is 4.5% compounded monthly?

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Definitions:

Bank Statement

A summary of financial transactions which have occurred over a given period on a bank account held by a person or business with a financial institution.

Deposits

Funds placed into a bank account or with some other entity for safekeeping, which can include money put in savings or checking accounts.

Electronic Funds Transfers

The electronic transfer of money between accounts by consumer electronic systems rather than the exchange of cash, checks, or other paper documents.

Internal Control Of Cash

Procedures and measures implemented by a business to monitor, manage, and protect its cash transactions and holdings.