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Find the compound amount and the amount of interest earned by the following deposit. $4,000 at 7.87% compounded continuously for 8 years. What is the compound amount? (Round to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

Find the compound amount and the amount of interest earned by the following deposit.
$4,000 at 7.87% compounded continuously for 8 years.
What is the compound amount?
$
(Round to the nearest cent.)

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