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Computation of EMI of the loan
Suppose you have decided to start saving money to buy a motorcycle for your loving spouse's 40thbirthday, which is five years away. You estimate the amount you will have to pay at that time will be $6,000. The savings account you established for the gift offers 16% per annum interest compounded quarterly.
How much will you have to deposit each year (at year-end) to have your $6,000 if your first deposit is made one year from today and the final deposit is made on the day you purchase the motorcycle?
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Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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