Question
Kelly Ginger wishes to invest her $4,200 in an investment account that earns 8.00% interest compounded quarterly. How much her money will be at the
Kelly Ginger wishes to invest her $4,200 in an investment account that earns 8.00% interest compounded quarterly. How much her money will be at the end of the first and the second year? What is the amount of interest earned on the second year from the first year?
A. FV of $4,546.22 at the end of the 1st year, FV of $4,920.97 at the end of the 2nd year, and $374.74 is the amount of interest earned on the 2nd year over the 1st year
B. FV of $4,800.05 at the end of the 1st year, FV of $5,118.46 at the end of the 2nd year, and $318.41 is the amount of interest earned on the 2nd year over the 1st year
C. FV of $5,204.14 at the end of the 1st year, FV of $6,140.55 at the end of the 2nd year, and $936.41 is the amount of interest earned on the 2nd year over the 1st year
D. FV of $5,740.89 at the end of the 1st year, FV of $5,234.66 at the end of the 2nd year, and $506.23 is the amount of interest earned on the 2nd year over the 1st year
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