You invest $2100 in an account that pays an APR of 9%. The numbers of times...
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You invest $2100 in an account that pays an APR of 9%. The numbers of times the investment is compounded each year makes a difference in the final balance.. (a) What is the value of the investment after three years if interest is compounded yearly? Round your answer to the nearest cent. The value of the investment after three years is $ 2.964.32 x (b) What is the value of the investment after three years if interest is compounded monthly? Round your answer to the nearest cent. The value of the investment after three years is $ 3,005.95 x You invest $2100 in an account that pays an APR of 9%. The numbers of times the investment is compounded each year makes a difference in the final balance.. (a) What is the value of the investment after three years if interest is compounded yearly? Round your answer to the nearest cent. The value of the investment after three years is $ 2.964.32 x (b) What is the value of the investment after three years if interest is compounded monthly? Round your answer to the nearest cent. The value of the investment after three years is $ 3,005.95 x
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Yearly compounding In this casethe interest is added to the principal only once a yearWecan use the ... View the full answer
Related Book For
Corporate Finance A Focused Approach
ISBN: 978-1305637108
6th edition
Authors: Michael C. Ehrhardt, Eugene F. Brigham
Posted Date:
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