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Chapter 3 Mathematics of Finance - page 9 / 20

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Barnett/Ziegler/Byleen Finite Mathematics 12e

9

Interest Earned

The present value of all payments is $22,457.78. The total amount of money withdrawn over two years is

3000(4)(2)=24,000.

Thus, the accrued interest is the difference between the two amounts:

$24,000 – $22,457.78 =$1,542.22.

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