SYou deposit $1,200 in your bank account.a. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years?Future valueSavedb. How much will you accumulate if the bank pays compound interest?Note: Do not round intermediate calculations. Round your answer to 2 decimal places.Future valueM Question 7

a. Amount deposited = $1,200Interest rate, r = 5%Period, t = 8 yearsIf the bank pays simple…

You deposit $1,200 in your bank account. a. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years? Future value b. How much will you accumulate if the bank pays compound interest? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Future value

You deposit $1,200 in your bank account. a. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years? Future value b. How much will you accumulate if the bank pays compound interest? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Future value

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PA: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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