The principal represents an amount of money deposited in a savings account subject tocompound interest at the given rate.A. Find how much money there will be in the account after the given number of years.B. Find the interest earned.Click the icon to view some finance formulas.A. The amount of money in the account after 3 years is $.(Round to the nearest hundredth as needed.)B. The amount of interest earned is $(Round to the nearest hundredth as needed.)Principal$6000Rate5%CompoundedannuallyTime3 years

Compound = Annually = 1 Principal Amount = p = $6000 Interest rate = r = 5% Time = t = 3 years

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Principal $6000 Rate 5% Compounded annually Time 3 years

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Principal $6000 Rate 5% Compounded annually Time 3 years

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

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Question

The principal represents an amount of money deposited in a savings account subject to
compound interest at the given rate.
A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.
Click the icon to view some finance formulas.
A. The amount of money in the account after 3 years is $.
(Round to the nearest hundredth as needed.)
B. The amount of interest earned is $
(Round to the nearest hundredth as needed.)
Principal
$6000
Rate
5%
Compounded
annually
Time
3 years

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