Determine how much is in each account on the basis of the indicated compounding after the specified years have passed; P is the initial principal, and r is the annual rate given as a percent. (Round your answers to the nearest cent.) P = $5000 and r = 3.1%, compounded annually (a) after 6 years $ (b) after 10 years $ (c) after 15 years $ (d) after 34 years

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
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1) Determine how much is in each account on the basis of the indicated compounding after the specified years have passed; P is the initial principal, and r is the annual rate given as a percent. (Round your answers to the nearest cent.)

P = $5000 and r = 3.1%, compounded annually

(a) after 6 years
$

(b) after 10 years
$

(c) after 15 years
$

(d) after 34 years
$

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