Paul made an initial deposit of $5,000 into an account earning 3% annual interest compounded quarterly. After 1 year, the account's future value is closest to: Group of answer choices $5469 $5009.35 $5113.56 $5150

Paul made an initial deposit of $5,000 into an account earning 3% annual interest compounded quarterly. After 1 year, the account's future value is closest to: Group of answer choices $5469 $5009.35 $5113.56 $5150

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Paul made an initial deposit of $5,000 into an account earning 3% annual interest compounded quarterly. After 1 year, the account's future value is closest to:

Group of answer choices

$5469

$5009.35

$5113.56

$5150

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