The future value is $. (Round to the nearest cent as needed.) The compound interest is $. (Round to the nearest cent as needed.)

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 3CE
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Margaret Hillman invested $3,000 at 1.6% compounded quarterly for one year. Find the future value and the interest earned for the year.
The future value is $
(Round to the nearest cent as needed.)
The compound interest is $. (Round to the nearest cent as needed.)
Transcribed Image Text:Margaret Hillman invested $3,000 at 1.6% compounded quarterly for one year. Find the future value and the interest earned for the year. The future value is $ (Round to the nearest cent as needed.) The compound interest is $. (Round to the nearest cent as needed.)
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