E11-9 (Algo) Computing Growth in Savings Account: Single Amount [LO 11-S1] On January 1, 2021, you deposited $6,400 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year. Required: 1. What will be the balance in the savings account at the end of 6 years? (Euture Value of $1.Present Value of $1. Euture Value Annuity of $1. Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 2. What is the total interest for the 6 years? (Euture Value of $1.Present Value of $1. Euture Value Annuity of $1. Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 3. How much interest revenue did the fund earn in 2021 and in 2022?
E11-9 (Algo) Computing Growth in Savings Account: Single Amount [LO 11-S1] On January 1, 2021, you deposited $6,400 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year. Required: 1. What will be the balance in the savings account at the end of 6 years? (Euture Value of $1.Present Value of $1. Euture Value Annuity of $1. Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 2. What is the total interest for the 6 years? (Euture Value of $1.Present Value of $1. Euture Value Annuity of $1. Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. 3. How much interest revenue did the fund earn in 2021 and in 2022?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![E11-9 (Algo) Computing Growth in Savings Account: Single Amount [LO 11-S1]
On January 1, 2021, you deposited $6,400 in a savings account. The account will earn 10 percent annual compound interest, which will
be added to the fund balance at the end of each year.
Required:
1. What will be the balance in the savings account at the end of 6 years? (Euture Value of $1.Present Value of $1. Euture Value Annuity
of $1. Present Value Annuity of $1.)
Note: Use appropriate factor(s) from the tables provided.
2. What is the total interest for the 6 years? (Euture Value of $1.Present Value of $1. Future Value Annuity of $1. Present Value
Annuity of $1.)
Note: Use appropriate factor(s) from the tables provided.
3. How much interest revenue did the fund earn in 2021 and in 2022?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
What will be the balance in the savings account at the end of 6 years?
Note: Round your final answer to 2 decimal places.
Balance in the Savings Account
<Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff36eb914-9720-49c4-a03d-954cb909034a%2Fdba27407-d55a-4ba7-8b14-c789826fdeb9%2F7kea48b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E11-9 (Algo) Computing Growth in Savings Account: Single Amount [LO 11-S1]
On January 1, 2021, you deposited $6,400 in a savings account. The account will earn 10 percent annual compound interest, which will
be added to the fund balance at the end of each year.
Required:
1. What will be the balance in the savings account at the end of 6 years? (Euture Value of $1.Present Value of $1. Euture Value Annuity
of $1. Present Value Annuity of $1.)
Note: Use appropriate factor(s) from the tables provided.
2. What is the total interest for the 6 years? (Euture Value of $1.Present Value of $1. Future Value Annuity of $1. Present Value
Annuity of $1.)
Note: Use appropriate factor(s) from the tables provided.
3. How much interest revenue did the fund earn in 2021 and in 2022?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
What will be the balance in the savings account at the end of 6 years?
Note: Round your final answer to 2 decimal places.
Balance in the Savings Account
<Required 1
Required 2 >
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