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On September 30th, 2013, Joseph invested $15,000 in a fund that was growing at 6% compounded semi-annually. a. Calculate the future value of the fund on May 4th, 2014.

On September 30th, 2013, Joseph invested $15,000 in a fund that was growing at 6% compounded semi-annually. a. Calculate the future value of the fund on May 4th, 2014.

Essentials Of Investments
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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Subject: algebra 

On September 30th, 2013, Joseph invested $15,000 in a fund that was growing at 6% compounded semi-annually. a. Calculate the future value of the fund on May 4th, 2014. Round to the nearest cent b. On May 4th, 2014, the interest rate on the fund changed to 4% compounded monthly. Calculate the future value of the fund on March 5th, 2015. Round to the nearest cent
Transcribed Image Text:On September 30th, 2013, Joseph invested $15,000 in a fund that was growing at 6% compounded semi-annually. a. Calculate the future value of the fund on May 4th, 2014. Round to the nearest cent b. On May 4th, 2014, the interest rate on the fund changed to 4% compounded monthly. Calculate the future value of the fund on March 5th, 2015. Round to the nearest cent
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