Assuming no withdrawals are made, how much money is in the Thompsons' account after 3 years? 2. How much interest is earned on the Thompsons' investment after 3 years?
Assuming no withdrawals are made, how much money is in the Thompsons' account after 3 years? 2. How much interest is earned on the Thompsons' investment after 3 years?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 18PROB
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The Thompsons are saving up to go on a family vacation in 3 years. They invest $3100 into an account with an annual interest rate of 1.29% compounded quarterly.
1. Assuming no withdrawals are made, how much money is in the Thompsons' account after 3 years?
2. How much interest is earned on the Thompsons' investment after 3 years?
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