Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate the future value of $ 1 comma 0 0 0 1 , 0 0 0 in a . 8 8 years at an interest

Calculate the future value of $1 comma 0001,000 in a.88 years at an interest rate of 8%8% per year. b.1616 years at an interest rate of 8%8% per year. c.88 years at an interest rate of 16%16% per year. d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)? Question content area bottom Part 1 a.88 years at an interest rate of 8%8% per year. The future value of $1 comma 0001,000 in 88 years at an interest rate of 8%8% per year is $enter your response here. (Round to the nearest cent.)

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

Step: 3

blur-text-image

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

Lectures On Public Economics

Authors: Anthony B. Atkinson, Joseph E. Stiglitz

1st Edition

0691166412, 978-0691166414

More Books

Students also viewed these Finance questions

Question

What is RAM as far as telecommunication is concerned?

Answered: 1 week ago

Question

Question 1: What is reproductive system? Question 2: What is Semen?

Answered: 1 week ago

Question

Describe the sources of long term financing.

Answered: 1 week ago