FlybynightSavings.com is offering a savings account that pays 32% compounded continuously. How much interest would a deposit of $4,000 earn over 5 years? (Round your answer to the nearest cent.) $= What is the annually compounded interest rate (in percent) that would correspond to this investment? (Round your answer to two decimal places.)
FlybynightSavings.com is offering a savings account that pays 32% compounded continuously. How much interest would a deposit of $4,000 earn over 5 years? (Round your answer to the nearest cent.) $= What is the annually compounded interest rate (in percent) that would correspond to this investment? (Round your answer to two decimal places.)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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