How much money did have to put into an account

Reference no: EM131789567

Question: The cement cost index changed from 630 to 654 from the end of 2014 to the end of 2015. You could buy 100 pallets of cement for $200,000 at the end of 2014. How much money did you have to put into an account gaining 2% interest, compounded monthly, at the end of 2014 to be able to buy the same amount of cement at the end of 2015?

a. $151,360.50

b. $195,250.30

c. $212,450.00

d. $203,511.00

Reference no: EM131789567

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