Suppose that you plan to retire in 40 years. You put 1000 dollars in a bank account which sa per period interest rate of 0.5%, and interest is compounded monthly. t was your effective annual interest rate? enter your answer as a percent (i.e., 5.00% ild be entered as 5.00) 17 w much money will be in the account at the end of 40 years ($)? Round to the nearest dollar.
Suppose that you plan to retire in 40 years. You put 1000 dollars in a bank account which sa per period interest rate of 0.5%, and interest is compounded monthly. t was your effective annual interest rate? enter your answer as a percent (i.e., 5.00% ild be entered as 5.00) 17 w much money will be in the account at the end of 40 years ($)? Round to the nearest dollar.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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