Answered: If you place $50 in a savings account…

If you place $50 in a savings account with an interest rate of 7% compounded weekly, what will the investment be worth at the end of five years (round to the nearest dollar)?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 9PROB

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Question

Q34

If you place $50 in a savings account with an interest rate of 7% compounded weekly, what will
the investment be worth at the end of five years (round to the nearest dollar)?
Select one:
a. $70
b. $72
C. $57
d. $71

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