Shekhar plans to invest $3,560 in a mutual fund at the end of each of the next 8 years. If he earns 5 percent interest each year, how much will his investment be worth at the end of the third year? (Round the answer to the nearest whole dollar.)

Shekhar plans to invest $3,560 in a mutual fund at the end of each of the next 8 years. If he earns 5 percent interest each year, how much will his investment be worth at the end of the third year? (Round the answer to the nearest whole dollar.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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Shekhar plans to invest $3,560 in a mutual fund at the end of each of the next 8
years. If he earns 5 percent interest each year, how much will his investment be
worth at the end of the third year?
(Round the answer to the nearest whole dollar.)

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