Franklin predicted that the 1,000 pounds he was leaving would grow to 131,000 pounds in 100 years if loaned at 5 percent interest and compounded yearly. This means that each year, the 5 percent is computed on the total amount in the account, including the past interest. What will 1,000 pounds grow to if interest is compounded yearly at 5 percent for 5 years? pounds

Franklin predicted that the 1,000 pounds he was leaving would grow to 131,000 pounds in 100 years if loaned at 5 percent interest and compounded yearly. This means that each year, the 5 percent is computed on the total amount in the account, including the past interest. What will 1,000 pounds grow to if interest is compounded yearly at 5 percent for 5 years? pounds

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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Similar questions

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