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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