ParagraphStylesYou deposit $1,000 in an account at the Lifelong Trust Savings and Loan thatpays 7% interest compounded quarterly. By how much will your deposit have grownafter 10 years (in dollars)? (Round your answer to the nearest cent.)$You invest $10,000 in Rapid Growth Funds, which appreciate by 5% per year, with yieldsreinvested quarterly. By how much (in dollars) will your investment have grownafter 7 years? (Round your answer to the nearest cent.)2$D(Ctrl) -99+

The future value is the amount that will be received at the end of a certain period. In simple…

You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest compounded quarterly. By how much will your deposit have grown after 10 years (in dollars)? (Round your answer to the nearest cent.) %24

You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest compounded quarterly. By how much will your deposit have grown after 10 years (in dollars)? (Round your answer to the nearest cent.) %24

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

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Question

Paragraph
Styles
You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that
pays 7% interest compounded quarterly. By how much will your deposit have grown
after 10 years (in dollars)? (Round your answer to the nearest cent.)
$
You invest $10,000 in Rapid Growth Funds, which appreciate by 5% per year, with yields
reinvested quarterly. By how much (in dollars) will your investment have grown
after 7 years? (Round your answer to the nearest cent.)
2$
D(Ctrl) -
99+

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