Sally deposits $13,036 in an account that earns 12% interest per annum. Calculate the interest payment on a 9-year simple interest deposit.

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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Sally deposits $13, 036 in an account that earns 12% interest per annum. Calculate the interest payment
on a 9 year simple interest deposit.
Transcribed Image Text:Sally deposits $13, 036 in an account that earns 12% interest per annum. Calculate the interest payment on a 9 year simple interest deposit.
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