Suppose a savings account pays 7% annual interest with interest compounded daily (assume there are 365 days in a year). If $2,578 is deposited into the account, what is the balance in the account after 9 years? Round your answer to two places after the decimal point. Do not put $ or dollars with the answer.
Suppose a savings account pays 7% annual interest with interest compounded daily (assume there are 365 days in a year). If $2,578 is deposited into the account, what is the balance in the account after 9 years? Round your answer to two places after the decimal point. Do not put $ or dollars with the answer.
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:Question 5
Suppose a savings account pays 7% annual interest with interest
compounded daily (assume there are 365 days in a year). If $2,578 is
deposited into the account, what is the balance in the account after
9 years? Round your answer to two places after the decimal point.
Do not put $ or dollars with the answer.
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