How much would you need to deposit in an account now in order to have $2000 in the account in 10 years? Assume the account earns 6% interest compounded monthly. $ Michelle invests in a savings account that pays 7% interest compounded monthly. What is the APY for this account? Round to the nearest 0.00%

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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How much would you need to deposit in an account now in order to have $2000 in the account in 10 years?
Assume the account earns 6% interest compounded monthly.
S
Michelle invests in a savings account that pays 7% interest compounded monthly. What is the APY for this
account?
Round to the nearest 0.00%
Transcribed Image Text:How much would you need to deposit in an account now in order to have $2000 in the account in 10 years? Assume the account earns 6% interest compounded monthly. S Michelle invests in a savings account that pays 7% interest compounded monthly. What is the APY for this account? Round to the nearest 0.00%
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