An amount of $6,880 is deposited into an account earning 3% interest compounded quarterly. How much will be in the account in 11 years and 6 months? Round the answer to the nearest cent. P/Y = 4 C/Y = 4 IY = PV = 6880 PMT = 0 FV =

An amount of $6,880 is deposited into an account earning 3% interest compounded quarterly. How much will be in the account in 11 years and 6 months? Round the answer to the nearest cent. P/Y = 4 C/Y = 4 IY = PV = 6880 PMT = 0 FV =

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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Question

An amount of $6,880 is deposited into an account earning 3% interest compounded
quarterly. How much will be in the account in 11 years and 6 months? Round the answer
to the nearest cent.
P/Y = 4
C/Y = 4
IY =
%3D
PV =
6880
PMT = 0
FV =
%3D
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