Question
Fowler Credit Bank is offering 6.7 percent compounded daily on its savings accounts. If you deposit $7,000 today, how much will you have in
Fowler Credit Bank is offering 6.7 percent compounded daily on its savings accounts. If you deposit $7,000 today, how much will you have in the account in 5 years? In 10 years? In 20 years? Interest rate Times compounded per year Deposit Number of years Number of years Number of years 6.70% 365 7,000 5 10 20 Complete the following analysis. Do not hard code values in your calculations. All answers should be positive. Value in 5 years Value in 10 years Value in 20 years
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Fundamentals of Corporate Finance
Authors: Stephen A. Ross, Randolph W. Westerfield, Bradford D.Jordan
8th Edition
978-0073530628, 978-0077861629
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