Question
Determine the total amount of compound interest earned on an investment of $24,000 compounded annually at a rate of 3% for twelve years. Format the
Determine the total amount of compound interest earned on an investment of $24,000 compounded annually at a rate of 3% for twelve years.
Format the answer as currency with a dollar sign, rounding appropriately. How do you figure out the total interest when the compound interest formula yields future value?
Step by Step Solution
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Step: 1
To calculate the total amount of compound interest earned on an investment we can use the formula fo...
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Financial Reporting Financial Statement Analysis and Valuation
Authors: Clyde P. Stickney
6th edition
324302959, 978-0324302967, 324302967, 978-0324302950
