7 Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earnedinterest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years?(PV of $1, FV of $1, PVA of $1, and FVA of $1)Note: Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.Present Value$8,100Answer is complete but not entirely correct.TotalAccumulationTable Factor7.3255$59,336.55

The formula to calculate the future value (maturity value) of a deposit compounded quarterly is…

Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earned interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years? (D) of $15 $1 DV £ $11

Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earned interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years? (D) of $15 $1 DV £ $11

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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Question

Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earned
interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years?
(PV of $1, FV of $1, PVA of $1, and FVA of $1)
Note: Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.
Present Value
$
8,100
Answer is complete but not entirely correct.
Total
Accumulation
Table Factor
7.3255
$
59,336.55

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