Suppose an investment of $5000 is made every month in an account which pays an interest rate of 6% compounded semi-annually. What is the value of the investment after 5 years. $348,850 $370,543 $450,135 $348,190

Suppose an investment of $5000 is made every month in an account which pays an interest rate of 6% compounded semi-annually. What is the value of the investment after 5 years. $348,850 $370,543 $450,135 $348,190

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 15PROB

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Question

Suppose an investment of $5000 is made every month in an account which pays an interest rate of 6% compounded semi-annually. What is the value of the investment after 5 years.

$348,850

$370,543

$450,135

$348,190

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