Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ellen Fetter invested $5,000 in a savings account that paid 6% interest compounded annually. She kept the account for three years. At the end of

image text in transcribed
Ellen Fetter invested $5,000 in a savings account that paid 6% interest compounded annually. She kept the account for three years. At the end of three years. Ellen will have approximately. (the table below may help you answer this question) Compound Value Interest Factors Period 2% 4% 6% 8% 10% 12% 15% 20% 1 1.0200 10400 10600 10000 1.1000 1.1200 1.1500 1.2000 2 10404 10816 1.1236 16640 1.2100 2544 13225 14400 3 1.0612 1.1249 1.1910 1.25971.3310 14049 15209 1.7280 1.0824 1.1699 1.2625 1360S 14641 15735 1.7490 2.0736 .104 12167 13382 14693 16105 1.7623 20114 24883 6 1.1262 12653 14185 15869 17716 1.9738 23131 29860 7 1.1487 13159 15036 1.7138 19487 2.2107 26600 3.5832 8 1.1717 13686 15938 18509 2.1436 24760 30590 4.2998 9 1.1951 14233 16895 1.9990 2.3579 2.773 35179 $.1598 10 1.2190 14802 1.7908 2.1589 2.5937 3.1058 4.0456 6.1917 25937 3.10s8 40456 6.1917 11 1.2434 15395 18983 2.3316 2.8531 34785 46524 74301 12 1.2682 16010 201 22 2S182 3.1384 3A9653S02 9161 13 1.2936 16651 2.1329 2.7196 34523 43635 61528 10.6990 14 13195 17317 2.2609 2.9372 37975 48871 70757 12.8390 1.3459 18009 2.39663.1722 4.1772 SA736 81371 154070 6 13728 18730 25404 34259 45950 6.1304 9.3576 18.4880 17 14002 19479 26928 3.7000 5.0545 68660 10.7610 22,1860 1 14282 20258 28543 3.9960 5.5599 7600 123750 26.6230 19 1A568 2.1068 30256 4.157 6.1159 6120 ,42310 319400 20 14059 2.1911 3.2071 46610 67275 96463 16.3660 38 3370 17317 22609 2.937 Select one: o a. A. $6,103 O b. B.$ 5,444 O C.C.$5,414 o d. D. $5.955 e. E. None of the above

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

Certified Internal Auditor CIA Practice Of Internal Auditing Part 2- 2019

Authors: Muhammad Zain

1st Edition

1093798459, 978-1093798456

More Books

Students also viewed these Accounting questions

Question

=+19.4. Consider weak convergence in LP((0, 1], @, ).

Answered: 1 week ago

Question

solve bernoli Y cosx (1-sinx) X-cosx dy dx

Answered: 1 week ago