How much money should be invested in an account that earns 9% interest,compounded monthly, in order to have $11,000 in 5 years? (Round your answer totwo decimal places.)a) $3256.18b) $6423.16c) $5436.12d) $7025.70

PRESENT VALUE Present value is the Current Value of a Future amount of Money, Calculated at a…

Answered: How much money should be invested in an…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 1PROB

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Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions Kristen Quinn makes equal deposits of $500 semiannually for 4 years. Required: What is the future value at 8%? (Note: Round answers to two decimal places.)
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How much money should be invested in an account that earns 9% interest, compounded monthly, in order to have $11,000 in 5 years? (Round your answer to two decimal places.) a) $3256.18 b) $6423.16 c) $5436.12 d) $7025.70