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19 August, 19:22

Jennifer was awarded damages of $150,000 in a successful lawsuit she brought against her employer 4 years ago. Simple interest on the judgment accrues at the rate of 15%/year from the date of filing. If the case were settled today, how much would Jennifer receive in the final judgment?

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  1. 19 August, 19:45
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    The annual interest is $150,000 x 0.15 = $22,500. The accrued interest after 4 years is $90,000. Therefore in the final judgement Jennifer would be awarded:

    150,000 + 90,000=240,000.

    The answer is $240,000.
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