Suppose that $70,000 is invested at 7% interest. Find the amount of money in the account after 7 years if the interest is compounded annually. If interest is compounded annually, what is the amount of money after t= 7 years? $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Suppose that $70,000 is invested at 7% interest. Find the amount of money in the account after 7 years if the interest is compounded annually. If interest is compounded annually, what is the amount of money after t= 7 years? $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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 that $70,000 is invested at 7% interest. Find the
amount of money in the account after 7 years if the
interest is compounded annually.
If interest is compounded annually, what is the
amount of money after t = 7 years?
$
(Do not round until the final answer. Then round
to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ae0660d-5301-4b30-8361-0f1bb7fa4959%2Fd6c7d08e-2be6-4f1a-9413-8797131e4b23%2Fxx5opqh_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that $70,000 is invested at 7% interest. Find the
amount of money in the account after 7 years if the
interest is compounded annually.
If interest is compounded annually, what is the
amount of money after t = 7 years?
$
(Do not round until the final answer. Then round
to the nearest cent as needed.)
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