Fee for locating the new account

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Reference no: EM131847772

You have $1,000 invested in an account that pays 16% compounded annually. A commission agent can locate for you an equally safe deposit that will pay 16%, compounded quarterly, for 2 years. What is the maximum amount you should be willing to pay him now as a fee for locating the new account? Show your work in excel using the excel functions. Show your answer to 2 decimal points. Please post the image not the file.

Reference no: EM131847772

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