Consider a $1,100 deposit earning 9 percent interest per year for four years. What is the future value? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Future value-- How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Total Interest Earned-- How much is interest earned on interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Interest Earned On Interest--
Consider a $1,100 deposit earning 9 percent interest per year for four years. What is the future value? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Future value-- How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Total Interest Earned-- How much is interest earned on interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Interest Earned On Interest--
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 7
Consider a $1,100 deposit earning 9 percent interest per year for four years.
What is the
Future value--
How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Total Interest Earned--
How much is interest earned on interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Interest Earned On Interest--
Expert Solution
Step 1
Given,
The amount deposited is $1100
rate of interest is 9%
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