Bob has money in an investment with 5% that compounds 11 times a year. His initial investment was $1423.00, and now has been accruing interest for 6 years. What is the total value of his investment now?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 18PROB
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Bob has money in an investment with 5% that compounds 11 times a year. His initial investment was $1423.00, and now has been accruing interest for 6 years. What is the total value of his investment now?

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