Question
(Compound interest with non-annual periods) You just received a bonus of $.5000 a.What is the future value of $5000 in a bank account for 10
(Compound interest with non-annual periods) You just received a bonus of $.5000
a.What is the future value of $5000 in a bank account for 10 years at an annual interest rate of 5 percent? $ 8,144.5(Round to the nearest cent.) my answer
b.What is the future value of $ 5000 in a bank account for10 years at 5 percent compounded semiannually?
$ 8,193.1(Round to the nearest cent.) my answer
B. What is the future value of $ 5000 in a bank account for 10 years at percent 5 compounded bimonthly?
$______(Round to the nearest cent.) need help
c.Recalculate parts (a) and (b) using an annual interest rate of 10 percent.
d.Recalculate part (a) using a time horizon of 20 years at an annual interest rate of 5 percent.
e.What conclusions can you draw when you compare the answers in parts (c) and (d) with the answers in parts (a) and (b)?
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