Question: use the formula for computing future value using compound interest to determine the value of an account at the end of 6 years if a

use the formula for computing future value using compound interest to determine the value of an account at the end of 6 years if a principal amount of $6000 is deposited in an account at an annual interest rate of 4%and the interest is compounded monthly.

The amount after 6 years will be $ ??

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

unit II q12. Summarized on the right is the sale (in thousands) of the top five products in 2002. Use this information to calculate what percent of the sales of these five products was due to product...

Unit I q5. Factor the following natural number. If the number is prime, state so 114 Select the correct choice below and, if necessary, fill in the answer box to complete your choice. a. The prime...

Help with these Liberal Math questions today now please. 1.A person earns $23,600 one year and gets a 5% raise in salary. What is the new salary? (formula is ,change percent increase to decimal form...

Use the formula for computing future value using compound interest to determine the value of an account at the end of 5 years a principal amount of $6,000 is deposited in an account at an annual...

Use the formula for computing future value using compound interest to determine the value of an account at the end of 9 years if a principal amount of $ 1 3 , 0 0 0 is deposited in an account at an...

mere Use the formula for computing future value using compound interest to determine the value of an account at the end of 10 years ita principal amount of $9.000 is deposited in an account at an...

Use the formula for computing future value using compound interest to determine the value of an account at the end of 4 years if a principal amount of $19,000 is deposited in an account at an annual...

Use the formula for computing future value using compound interest to determine the value of an account at the end of 7 years if a principal amount of $13 comma 000 is deposited in an account at an...

Use the formula for computing future value using compound interest to determine the value of an account at the end of 6 years if a principal amount of 12 000 is deposited in an account at a annual...

Use the formula for computing future value using compound interest to determine the value of an account at the end of 10 years if a principal amount of $17,000 is deposited in an account at an annual...

The Fed wants to reduce the U.S. money supply using open-market operations. Describe what it would do, and explain how this action would accomplish the Fed's objective.

Angie and Neal Fry are department managers in the housewares and shoe departments, respectively, for Calhouns, a large department store. Neal has observed Angie taking inventory from her own...

Assume that you have a mortgage plan with a monthly compounded APR of 1 5 % . You plan to make bi - weekly payments for 1 2 years and each time you will be paying $ 3 , 2 0 0 . Calculate the PV of...

A company issues 1,050 shares of its common stock for $33,600 cash. Prepare journal entries to record this event under each of the following separate situations.