You have $1,500 to invest today at 7% interest compounded annually. a. How much will you have
Question:
You have $1,500 to invest today at 7% interest compounded annually.
a. How much will you have accumulated in the account at the end of the following number of years?
1. Three years
2. Six years
3. Nine years
b. Use your findings in part (a) to calculate the amount of interest earned in
1. Years 1 to 3
2. Years 4 to 6
3. Years 7 to 9
c. Compare and contrast your findings in part (b). Explain why the amount of interest earned increases in each succeeding 3-year period.
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Future Value FV n PV 1 r n or FV n PV FVF rn c The fact that the longer the investment period the la...View the full answer
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Related Book For
Introduction to Corporate Finance What Companies Do
ISBN: 978-1111222284
3rd edition
Authors: John Graham, Scott Smart
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