Suppose $8,000 is invested in an account with an annual interest rate of 4.7% per year, compounded monthly. How much money will be in the account after 35 years? Round your answer to the nearest penny. How long will take for the investment to double? years. Round to two decimal place.
Suppose $8,000 is invested in an account with an annual interest rate of 4.7% per year, compounded monthly. How much money will be in the account after 35 years? Round your answer to the nearest penny. How long will take for the investment to double? years. Round to two decimal place.
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...
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![Suppose $8,000 is invested in an account with an annual interest rate of 4.7% per year, compounded
monthly.
How much money will be in the account after 35 years?
$
Round your answer to the nearest penny.
How long will take for the investment to double?
years. Round to two decimal place.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F730a63a2-3075-46d8-b6b6-2540fd9f9c50%2Fb8ee1e93-38a3-40d9-83bb-f693a230fb4f%2Fhqya0aq_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose $8,000 is invested in an account with an annual interest rate of 4.7% per year, compounded
monthly.
How much money will be in the account after 35 years?
$
Round your answer to the nearest penny.
How long will take for the investment to double?
years. Round to two decimal place.
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