Question
Mark Welsch deposits $7,600 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $7,600 plus earned interest must remain
Mark Welsch deposits $7,600 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $7,600 plus earned interest must remain in the account 3 years before it can be withdrawn. How much money will be in the account at the end of 3 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.)
Could I also get a break down of how to figure out the table factor values. Ive had quite a few of these that I have been able to guess my way through but trying to figure out the explanation of them. Thank you!
Mark Welsch deposits $7,600 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $7,600 plus earned interest must remain in the account 3 years before it can be withdrawn. How much money will be in the account at the end of 3 years? (PV of \$1. FV of \$1. PVA of \$1, and EVA of \$1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.)Step by Step Solution
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