Given a 4 percent interest rate, compute the year 6 future value of depositsmade in years 1, 2, 3, and 4 of $1,850, $2,150, $2,150, and $2,250, respectively.Note: Do not round intermediate calculations and round your final answer to2 decimal places.Future valueEA$9,618.08

To compute the year 6 future value of the given deposits at a 4% interest rate, we can use the…

Answered: Given a 4 percent interest rate,…

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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None
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Given a 4 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,850, $2,150, $2,150, and $2,250, respectively. Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Future value EA $ 9,618.08