You placed $4,948 in a savings account today that earns an annual interest rate of 16.32 percent, compounded semiannually. How much will you have in this account at the end of 10 years? Assume that all interest received at the end of the period is reinvested the next period.

You placed $4,948 in a savings account today that earns an annual interest rate of 16.32 percent, compounded semiannually. How much will you have in this account at the end of 10 years? Assume that all interest received at the end of the period is reinvested the next period.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 10PROB

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Please help make sure its correct after doing

You placed $4,948 in a savings account today that earns an annual interest rate of
16.32 percent, compounded semiannually. How much will you have in this account at
the end of 10 years? Assume that all interest received at the end of the period is
reinvested the next period.
4
Round the answer to two decimal places.

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