Question
1. Brian invests $15,500, at 6% interest, compounded semiannually for 2 years. Manually calculate the compound amount (in $) for his investment. 2. Using Table
1. Brian invests $15,500, at 6% interest, compounded semiannually for 2 years. Manually calculate the compound amount (in $) for his investment.
2. Using Table 11-1, calculate the compound amount and compound interest (in $) for the investment. (Round your answers to the nearest cent.)
| Principal | Time Period (years) | Nominal Rate (%) | Interest Compounded | Compound Amount | Compound Interest |
|---|---|---|---|---|---|
| $6,000 | 4 | 11 | annually | $ | $ |
3. Suppose that you invest $7,000 at 6% interest, compound quarterly, for 5 years. use Table 11-1 to calculate the compound interest (in $) on your investment.
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
