Suppose you deposit $5300 now into an account that earns 3.1% APR compound daily. Round arwwers to the nearest penny t roundirg isneeded.What will your balance be after 54 months? $How much interest will you have earned? $

Future Value(FV) is compounded value of current amount at future date computed using interest rate.

Suppose you deposit $5300 now into an account that earns 3.1% APR, compound daily. Round arewers to the nearest penny i rounding is needed. What will your balance be after 54 months? $ How much interest will you have earned?$

Suppose you deposit $5300 now into an account that earns 3.1% APR, compound daily. Round arewers to the nearest penny i rounding is needed. What will your balance be after 54 months? $ How much interest will you have earned?$

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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Suppose you deposit $5300 now into an account that earns 3.1% APR compound daily. Round arwwers to the nearest penny t roundirg is
needed.
What will your balance be after 54 months? $
How much interest will you have earned? $

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