Question: Figure out the following: Future Value Computation Sam Smith deposited $5,000 in a savings account today. The deposit will earn interest at the rate of

Figure out the following:

Figure out the following: Future Value Computation Sam Smith deposited $5,000 in

Future Value Computation Sam Smith deposited $5,000 in a savings account today. The deposit will earn interest at the rate of 8%. How much will be available for Sam to withdraw in three years, assuming interest is compounded (a) annually, (b) semiannually, and (c) quarterly? Use Excel or a financial calculator for computation. Round answers to the nearest whole number (a) Annually (b) Semiannually (c) Quarterly

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