Answered: Compute the future value of a $3500…

Compute the future value of a $3500 deposit, after eight years, in an account that pays a simple interest rate of 5%. How much interest will be paid to this account?

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 1P

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Compute the future value of a $3500 deposit, after eight years, in an account that pays a simple interest
rate of 5%. How much interest will be paid to this account?

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