Suppose you currently have $5000 in your savings account, and your bank pays interest at a rate

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Suppose you currently have $5000 in your savings account, and your bank pays interest at a rate of 0.5% per month. If you make no further deposits or withdrawals, how much will you have in the account in five years?

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Corporate Finance

ISBN: 978-0133097894

3rd edition

Authors: Jonathan Berk and Peter DeMarzo

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Question Posted: Aug 06, 2014 07:16 AM

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Suppose you currently have $5000 in your savings account, and your bank pays interest at a rate

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We calculate the future value as FV C 1 r n The initial amount ...View the full answer

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