The Mitchells are saving up to go on a family vacation in 2 years. They invest $2800 into an account with an annual interest rate of 1.11% compounded monthly. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. ? (a) Assuming no withdrawals are made, how much money is in the Mitchells' account after 2 years? $0 How much interest is earned on the Mitchells' investment after 2 years? S (b) X BA
The Mitchells are saving up to go on a family vacation in 2 years. They invest $2800 into an account with an annual interest rate of 1.11% compounded monthly. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. ? (a) Assuming no withdrawals are made, how much money is in the Mitchells' account after 2 years? $0 How much interest is earned on the Mitchells' investment after 2 years? S (b) X BA
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 28P
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