Spartan Credit Bank is offering 6.2 percent compounded daily on its savings accounts. You deposit $4,600 today. a. How much will you have in the account in 5 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have in the account in 10 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much will you have in the account in 20 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Spartan Credit Bank is offering 6.2 percent compounded daily on its savings accounts. You deposit $4,600 today. a. How much will you have in the account in 5 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have in the account in 10 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much will you have in the account in 20 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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
Related questions
Question
|
Spartan Credit Bank is offering 6.2 percent compounded daily on its savings accounts. You deposit $4,600 today. |
| a. | How much will you have in the account in 5 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| b. |
How much will you have in the account in 10 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| c. | How much will you have in the account in 20 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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