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Problem 2-38 Compounding intervals You are quoted an interest rate of 6% on an investment of $1 million. What is the value of your
Problem 2-38 Compounding intervals You are quoted an interest rate of 6% on an investment of $1 million. What is the value of your investment after six years if interest is compounded as follows? Note: Enter your answers in dollars, not millions of dollars. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. Annually b. Monthly c. Continuously a. Future value $ 1,418,519 b. Future value $ 1,030,377 c. Future value $ 1,000,000
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