Principal The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Compounded semiannually Rate Time $8000 6% 4 years A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. A. The amount of money in the account after 4 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.)

Principal The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Compounded semiannually Rate Time $8000 6% 4 years A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. A. The amount of money in the account after 4 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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