Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

You are depositing $4,500 today at an annual interest rate of 7.2 percent. How much additional interest will you earn if you leave the money

You are depositing $4,500 today at an annual interest rate of 7.2 percent. How much additional interest will you earn if you leave the money invested for 45 years instead of 35 years?

A.$22,131.57

B $12,588.92

C $51,506.71

D $30,185.14

E $52,859.01

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

3rd edition

978-0077639730

Students also viewed these Finance questions