Answered: If $49,459 is put in a savings account…

If $49,459 is put in a savings account paying interest of 7% compounded annually, what amount will be in the account at the end of 8 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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I got this correct but added it up year by year. Is there a faster way with a formula?

If $49,459 is put in a savings account paying interest of 7% compounded annually, what amount will be in the account at the end of 8 years?

Selected Answer:	84,979.77
Correct Answer:	84,980 ± 5

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