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MyLab Test April. Start 2 0 2 2 / 2 3 Question 2 of 5 0 This test: This quest Calculate the future value of
MyLab Test April. Start Question of This test: This quest Calculate the future value of $ in a years at an interest rate of per year. b years at an interest rate of per year. c years at an interest rate of per year. d Why is the amount of interest earned in part a less than half the amount of interest earned in part b a Calculate the future value of $ in years at an interest rate of per year. The future value of $ in years at an interest rate of per year is $ Round to the nearest cent b Calculate the future value of $ in years at an interest rate of per year. The future value of $ in years at an interest rate of per year is $ Round to the nearest cent. c Calculate the future value of $ in years at an interest rate of per year. The future value of $ in years at an interest rate of per year is $ Round to the nearest cent. d Why is the amount of interest earned in part a less than half the amount of interest earned in part bSelect the best choice below. A The interest earned in part a is based on a lower effective annual interest rate. B The annual interest rate in part b is slightly higher than the rate assumed in part a This is because of compounding. C This results because you earn more interest on past interest. As interest is earned on the increasing amount of accumulated interest, the money grows faster as time goes on D The amount of interest earned in part a is really half of the amount of interest earned in part b since in part b the money grows for twice as many years as in part a
MyLab Test April. Start
Question of
This test:
This quest
Calculate the future value of $ in
a years at an interest rate of per year.
b years at an interest rate of per year.
c years at an interest rate of per year.
d Why is the amount of interest earned in part a less than half the amount of interest earned in part b
a Calculate the future value of $ in years at an interest rate of per year.
The future value of $ in years at an interest rate of per year is $ Round to the nearest cent
b Calculate the future value of $ in years at an interest rate of per year.
The future value of $ in years at an interest rate of per year is $ Round to the nearest cent.
c Calculate the future value of $ in years at an interest rate of per year.
The future value of $ in years at an interest rate of per year is $ Round to the nearest cent.
d Why is the amount of interest earned in part a less than half the amount of interest earned in part bSelect the best choice below.
A The interest earned in part a is based on a lower effective annual interest rate.
B The annual interest rate in part b is slightly higher than the rate assumed in part a This is because of compounding.
C This results because you earn more interest on past interest. As interest is earned on the increasing amount of accumulated interest, the money grows faster as time goes on
D The amount of interest earned in part a is really half of the amount of interest earned in part b since in part b the money grows for twice as many years as in part a
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