What should the savings balance be at the end of the 5th month if the compound interest rate earned is 15% p.m.?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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20 - A person opens a savings account by depositing R$2,000.00. In 2 months, the person must make a deposit of R$2,500.00 and in 4 months he intends to withdraw the savings R$1,300. What should the savings balance be at the end of the 5th month if the compound interest rate earned is 15% p.m.?

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