Suppose you found a CD that pays 2.9% interest compounded monthly for 5 years. If you deposit $12,000 now, how much will you have in the account in 5 years? (Round to the nearest cent.) What was the interest earned? (Round to the nearest cent.) Now suppose that you would like to have $20,000 in the account in 5 years. How much would you need to deposit now? (Round to the nearest cent.)

Suppose you found a CD that pays 2.9% interest compounded monthly for 5 years. If you deposit $12,000 now, how much will you have in the account in 5 years? (Round to the nearest cent.) What was the interest earned? (Round to the nearest cent.) Now suppose that you would like to have $20,000 in the account in 5 years. How much would you need to deposit now? (Round to the nearest cent.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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