Suppose an account pays 12% simple annual interest, and $6,316 is deposited into the account. If the interest is paid annually and no money is withdrawn from the account since the initial deposit, find the balance in the account after 5 years. Round answer to two digits after the decimal point.

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
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Suppose an account pays 12% simple annual interest, and $6,316 is deposited into the
account. If the interest is paid annually and no money is withdrawn from the account since
the initial deposit, find the balance in the account after 5 years. Round answer to two digits
after the decimal point.
Transcribed Image Text:Suppose an account pays 12% simple annual interest, and $6,316 is deposited into the account. If the interest is paid annually and no money is withdrawn from the account since the initial deposit, find the balance in the account after 5 years. Round answer to two digits after the decimal point.
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