In order to pay for college, the parents of a child invest $15,000 in a bond that pays 9% interest compound semiannually. How much money will there be in 17 years? Round your answer to the nearest cent. In 17 years the bond will be worth $

In order to pay for college, the parents of a child invest $15,000 in a bond that pays 9% interest compound semiannually. How much money will there be in 17 years? Round your answer to the nearest cent. In 17 years the bond will be worth $

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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In order to pay for college, the parents of a child invest $15,000 in a bond that pays 9% interest compound
semiannually. How much money will there be in 17 years? Round your answer to the nearest cent.
In 17 years the bond will be worth $

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