Suppose $1,200 is deposited into an account which has an annual percentage rate of 9.81% per year. Assume it remains in the account for 18 years and no additional money is added to the account other than interest. (a) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, of assuming interest is compounded annually. Do not round any values. You can enter arithmetic expressions (containing +, –, *, /, or ^) in any of these boxes. Number 1200 ·( Number What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded annually? $ Number (Round to the nearest 0.01 dollars)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Suppose $1,200 is deposited into an account which has an annual percentage rate of 9.81% per year.
Assume it remains in the account for 18 years and no additional money is added to the account other than interest.
(a) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18,
of assuming interest is compounded annually.
Do not round any values. You can enter arithmetic expressions (containing +, -, *, /, or ^) in any of these boxes.
Number
1200
•( Number
What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded annually?
$ Number
(Round to the nearest 0.01 dollars)
(b) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18,
assuming interest is compounded weekly (52 times per year).
Do not round any values. You can enter arithmetic expressions (containing +, –, *, /, or ^) in any of these boxes.
Number
1200
( Number
What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded weekly?
$ Number
(Round to the nearest 0.01 dollars)
(c) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18,
assuming interest is compounded continuously.
Do not round any values. You can enter arithmetic expressions (containing +, -, *, /, or ^) in any of these boxes.
Number
1200
e
What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded continuously?
$ Number
(Round to the nearest 0.01 dollars)
Transcribed Image Text:Suppose $1,200 is deposited into an account which has an annual percentage rate of 9.81% per year. Assume it remains in the account for 18 years and no additional money is added to the account other than interest. (a) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, of assuming interest is compounded annually. Do not round any values. You can enter arithmetic expressions (containing +, -, *, /, or ^) in any of these boxes. Number 1200 •( Number What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded annually? $ Number (Round to the nearest 0.01 dollars) (b) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, assuming interest is compounded weekly (52 times per year). Do not round any values. You can enter arithmetic expressions (containing +, –, *, /, or ^) in any of these boxes. Number 1200 ( Number What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded weekly? $ Number (Round to the nearest 0.01 dollars) (c) Complete the boxes below to write an expression for the amount (in dollars) at year x = 18, assuming interest is compounded continuously. Do not round any values. You can enter arithmetic expressions (containing +, -, *, /, or ^) in any of these boxes. Number 1200 e What is the value in year x = 18 of an investment of $1,200 dollars which pays 9.81% compounded continuously? $ Number (Round to the nearest 0.01 dollars)
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