Suppose that $6,000 is placed in a bank account at the end of each quarter over the next 10 years. What is the future worth at the end of 10 years when the interest rate is 13% compounded at the given intervals? (a) Quarterly (b) Monthly (c) Continuously

Suppose that $6,000 is placed in a bank account at the end of each quarter over the next 10 years. What is the future worth at the end of 10 years when the interest rate is 13% compounded at the given intervals? (a) Quarterly (b) Monthly (c) Continuously

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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Question

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Suppose that $6,000 is placed in a bank account at the end of each quarter over the next 10 years. What is the
future worth at the end of 10 years when the interest rate is 13% compounded at the given intervals?
(a) Quarterly
(b) Monthly
(c) Continuously
(a) The future worth will be $
(Round to the nearest dollar.)

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