Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You deposit a lump sum today that in 7 years from now will be worth $13000. If the deposit earns 10% compounded annually. What's the

You deposit a lump sum today that in 7 years from now will be worth $13000. If the deposit earns 10% compounded annually. What's the present value of the investment and the total amount of interest earned? Round your answers to two decimal places.

(a) Present value = $

(b) Total interest earned = $

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

Handbook Of Hedge Funds

Authors: François-Serge Lhabitant

1st Edition

ISBN: 0470026634, 978-0470026632

More Books

Students also viewed these Finance questions

Question

13. Identify the refusal of the return in Dances with Wolves.

Answered: 1 week ago

Question

8. Describe how cultural spaces are formed.

Answered: 1 week ago