5.20

Problem 5.20 Find the future value of an investment of $3,900 made today for the following rates and periods: (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.) a. 6.25 percent compounded semiannually for 12 years. Future value b. 7.63 percent compounded quarterly for 6 years. Future value c. 8.9 percent compounded monthly for 10 years. Future value d. 10 percent compounded daily for 3 years. Future value e. 8 percent compounded continuously for 2 years. Future value