Suppose that $15,000 is deposited in a bank certificate of deposit at an annual rate of 2.7%
Question:
Suppose that $15,000 is deposited in a bank certificate of deposit at an annual rate of 2.7% for 8 yr. Find the future value if interest is compounded as follows.
(a) Annually
(b) Quarterly
(c) Monthly
(d) Daily (365 days)
Future ValueFuture value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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Step by Step Answer:
Use the compound interest formula to find the future value the ...View the full answer
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Related Book For 
College Algebra
ISBN: 978-0134697024
12th edition
Authors: Margaret L. Lial, John Hornsby, David I. Schneider, Callie Daniels
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