Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rounding can cause significant error in the compound interest formula. For $ 5 0 , 0 0 0 . 0 0 invested at 6 %

Rounding can cause significant error in the compound interest formula. For $50,000.00 invested at 6% interest compounded weekly, the formula is
A=50,000(1+0.0652)52t, and the number in the parentheses is 1.001153846 to nine decimal places.
Part: 03
Part 1 of 3
Calculate the future value after 5 years without rounding any intermediate calculations: enter the calculation just as it looks above. Round your answer to
the nearest cent.
The future value after 5 years without any intermediate rounding is $
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mergers, Acquisitions and Other Restructuring Activities

Authors: Donald DePamphilis

8th edition

9780128024539, 128013907, 978-0128013908

More Books

Students also viewed these Finance questions