6. You want to have $4000 in your savings account after 2 years. Find the amount you should deposit for each of the situations described below. a. The account pays 3% annual interest compounded monthly. b. The account pays 4% annual interest compounded continuously.

6. You want to have $4000 in your savings account after 2 years. Find the amount you should deposit for each of the situations described below. a. The account pays 3% annual interest compounded monthly. b. The account pays 4% annual interest compounded continuously.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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6. You want to have $4000 in your savings account after 2 years. Find the amount you should deposit for
each of the situations described below.
The account pays 3% annual interest compounded monthly.
b. The account pays 4% annual interest compounded continuously.
a.

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