8.4.21 You deposit $9000 in an account that pays 4.5% interest compounded quarterly. A. Find the future value after one year. B.. Use the future value formula for simple interest to determine the effective annual yield. A. The future value is $ (Round to the nearest cent as needed.)
8.4.21 You deposit $9000 in an account that pays 4.5% interest compounded quarterly. A. Find the future value after one year. B.. Use the future value formula for simple interest to determine the effective annual yield. A. The future value is $ (Round to the nearest cent as needed.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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Transcribed Image Text:8.4.21
You deposit $9000 in an account that pays 4.5% interest compounded quarterly.
A. Find the future value after one year.
B.. Use the future value formula for simple interest to determine the effective annual yield.
A. The future value is $
(Round to the nearest cent as needed.)
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