You invest $8,500 in a savings account that pays interest of 4.8% compounded monthly. To the nearest cent, what is the value of your account after 19 months? A. $9,169.79 B. $9,119.79 C. $9,219.79 D. $9,999.79 E. $9,669.79

You invest $8,500 in a savings account that pays interest of 4.8% compounded monthly. To the nearest cent, what is the value of your account after 19 months? A. $9,169.79 B. $9,119.79 C. $9,219.79 D. $9,999.79 E. $9,669.79

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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Question

You invest $8,500 in a savings account that pays interest of 4.8% compounded monthly. To the nearest cent, what is the value of your account after 19 months?

A. $9,169.79

B. $9,119.79

C. $9,219.79

D. $9,999.79

E. $9,669.79

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