On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If you had invested $50,000 at that time, how much would you have on August 8, 2014, assuming that you could have locked the interest rate at the time of deposit? Use the formula nt A = P(1 +)" for n = 12. (Round your answer to the nearest cent.) 100795974.6
On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If you had invested $50,000 at that time, how much would you have on August 8, 2014, assuming that you could have locked the interest rate at the time of deposit? Use the formula nt A = P(1 +)" for n = 12. (Round your answer to the nearest cent.) 100795974.6
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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Transcribed Image Text:On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If you had
invested $50,000 at that time, how much would you have on August 8, 2014, assuming that you could have locked the
interest rate at the time of deposit? Use the formula
nt
A = P(1 +
for n = 12. (Round your answer to the nearest cent.)
100795974.6
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