The principal represents an amount of money deposited in a savings account subject to compound interest...
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The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Find how much money will be in the account after the given number of years (Assume 360 days in a year.), and how much interest was earned. -- x-(¹-¹ nt A nt A = Pert 8) Principal: $9500 Rate: 4.5% Compounded: monthly Time: 4 years A) amount in account: $13,206.04; interest earned: $1828.93 B) amount in account: $9936.43; interest earned: $436.43 C) amount in account: $11,369.74; interest earned: $1869.74 D) amount in account: $9643.30; interest earned: $143.30 SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Solve the problem. 9) A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is 9). compounded quarterly at a rate of 7%. What will be the value of the daughter's account on her twentieth birthday, assuming no other deposits or withdrawals are made during this period? The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Find how much money will be in the account after the given number of years (Assume 360 days in a year.), and how much interest was earned. -- x-(¹-¹ nt A nt A = Pert 8) Principal: $9500 Rate: 4.5% Compounded: monthly Time: 4 years A) amount in account: $13,206.04; interest earned: $1828.93 B) amount in account: $9936.43; interest earned: $436.43 C) amount in account: $11,369.74; interest earned: $1869.74 D) amount in account: $9643.30; interest earned: $143.30 SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Solve the problem. 9) A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is 9). compounded quarterly at a rate of 7%. What will be the value of the daughter's account on her twentieth birthday, assuming no other deposits or withdrawals are made during this period?
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Related Book For
Contemporary Financial Management
ISBN: 9780324289114
10th Edition
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
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