Answered: $1024 invested into an account that…

$1024 invested into an account that pays 1.56% interest compounded daily, for 4 years. a) What is the value of the investment after 4 years? b) How much intested was earned?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 10PROB

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$1024 invested into an account that pays 1.56% interest compounded daily, for 4 years.

a) What is the value of the investment after 4 years?

b) How much intested was earned?

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