If you invest $5,000 at an annual compound interest rate of 6% for 2 years, what will be the final amount? (Round to nearest dollar) a) $5,618 b) $5,300 c) $5,612 d) $5,500

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 9EA: If you invest $12,000 today, how much will you have in (for further Instructions on future value in...
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If you invest $5,000 at an annual compound
interest rate of 6% for 2 years, what will be the final
amount? (Round to nearest dollar) a) $5,618 b)
$5,300 c) $5,612 d) $5,500
Transcribed Image Text:If you invest $5,000 at an annual compound interest rate of 6% for 2 years, what will be the final amount? (Round to nearest dollar) a) $5,618 b) $5,300 c) $5,612 d) $5,500
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