Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A bank is paying 7 . 5 % APR on a CD . ( Note: The convention when there are no periodic payments is to

A bank is paying 7.5% APR on a CD.(Note: The convention when there are no periodic payments is to assume annual compounding, unless stated otherwise. Thus this is annual compounding.) If you put $2194 into an account, how much will the account be worth in 4 years? Answer to 2 decimal places.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance An Integrated Planning Approach

Authors: Ralph R Frasca

8th edition

136063039, 978-0136063032

More Books

Students also viewed these Finance questions

Question

Salary (if known)

Answered: 1 week ago