You invest $10,000 in a savings account that pays interest of 8% compounded monthly To the nearest cent, what is the value of your account after 14 months? A $10,004 88 B. $10,004.88 C. $10,904 88 D. $10,970 88 OE $10,974 88 GD

You invest $10,000 in a savings account that pays interest of 8% compounded monthly To the nearest cent, what is the value of your account after 14 months? A $10,004 88 B. $10,004.88 C. $10,904 88 D. $10,970 88 OE $10,974 88 GD

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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Question

You invest $10,000 in a savings account that pays interest of 8% compounded monthly To the nearest cent, what is the value of your account after 14 months?

A $10,004 88

B. $10,004.88

C. $10,904 88

D. $10,970 88 OE $10,974 88 GD

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