Calculate the future value of $4000 in a. Three years at an interest rate of 6% per
Question:
Calculate the future value of $4000 in
a. Three years at an interest rate of 6% per year.
b. Six years at an interest rate of 6% per year.
c. Three years at an interest rate of 12% per year.
d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)?
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Step by Step Answer:
We can use the future value FV formula to calculate the value of 4000 in each scenario FV Present Va...View the full answer
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Related Book For 
Corporate Finance The Core
ISBN: 9781292158334
4th Global Edition
Authors: Jonathan Berk, Peter DeMarzo
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