Carla deposits $1,000 in the bank and the bank is paying a 4% interest rate. Assuming no other deposits or withdrawals, how much will be in the account in 20 years? Choose the closest. a) $1,040 b) $2,191 C) $80,000 D) $2,073

Carla deposits $1,000 in the bank and the bank is paying a 4% interest rate. Assuming no other deposits or withdrawals, how much will be in the account in 20 years? Choose the closest. a) $1,040 b) $2,191 C) $80,000 D) $2,073

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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Question

Carla deposits $1,000 in the bank and the bank is paying a 4% interest rate. Assuming no other deposits or withdrawals, how much will be in the account in 20 years? Choose the closest.

a) $1,040

b) $2,191

C) $80,000

D) $2,073

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