Consider the following investment. (Round your answers to the nearest cent.) $5,600 at 6 3/4% compounded quarterly for 8 1/2 years (a) Find the future value of the given amount. $ (b) Interpret the future value of the given amount. After 8 1/2 years, the investment is worth $ .

Consider the following investment. (Round your answers to the nearest cent.) $5,600 at 6 3/4% compounded quarterly for 8 1/2 years (a) Find the future value of the given amount. $ (b) Interpret the future value of the given amount. After 8 1/2 years, the investment is worth $ .

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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Question

Consider the following investment. (Round your answers to the nearest cent.)

$5,600 at

6 3/4%

compounded quarterly for

8 1/2

years

(a) Find the future value of the given amount.
$

(b) Interpret the future value of the given amount.

After

8 1/2

years, the investment is worth $ .

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