Question

When Dan signed a two​-year contract as a​ manager, the company allowed reimbursement of ​$460 at...

When Dan signed a

two​-year

contract as a​ manager, the company allowed reimbursement of

​$460

at the end of every month for his car expenses. At the time the contract was​ signed, money was worth

10.82​%

compounded

monthly.

​(a) What value did the expense reimbursement provision have when the contract was​ signed?

​(b) What is the outstanding value of the reimbursement after the

16th

​payment?

​(a) The value was

​$nothing.

​(Round to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)

​(b) The outstanding value is

​$nothing.

​(Round to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)

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Answer #1

Kain Gelren: Monthly payment Interest rate - $460 10.82% þ.az 10.82 % 12 = 0.009017 2X12 = 24 manche uring present value anni

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