A deposit $400 today in an account paying 7% per year. What would be the balance in your account after 6 years?O A. $2861B. $3065O c. $600O D. $568

We need to use compound interest formula to calculate account balance after 6 years A=P(1+i)n where…

Answered: A deposit $400 today in an account…

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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A deposit $400 today in an account paying 7% per year. What would be the balance in your account after 6 years? O A. S2861 O B. $3065 Oc. S600 O D. $568