Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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A student puts $10,000 in a savings account that pays 16% annual interest, compounded quarterly. Round to the nearest cents. a) How much money will the student have at the end of 5 years? Ending Value: $ b) How much interest will the student have earned in 5 years? Interest Earned:$ C)What is the effective yield (APY)? APY: %, (written as percent, round to the two decimal place as needed)
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Transcribed Image Text:A student puts $10,000 in a savings account that pays 16% annual interest, compounded quarterly. Round to the nearest cents. a) How much money will the student have at the end of 5 years? Ending Value: $ b) How much interest will the student have earned in 5 years? Interest Earned:$ C)What is the effective yield (APY)? APY: %, (written as percent, round to the two decimal place as needed)
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