Question
Amy deposited $70,000 in an investment fund that was growing at a rate of 6.00% compounded quarterly, for a period of 5 years and 9
Amy deposited $70,000 in an investment fund that was growing at a rate of 6.00% compounded quarterly, for a period of 5 years and 9 months.
a. What is the accumulated value of the investment at the end of 5 years and 9 months? Round to the nearest cent
b. What is the amount of interest earned from this investment?
Step by Step Solution
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Step: 1
a The formula for compound interest is P 1 r nnt Where P is ...
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Intermediate Financial Management
Authors: Brigham, Daves
10th Edition
978-1439051764, 1111783659, 9780324594690, 1439051763, 9781111783655, 324594690, 978-1111021573
