Use technology to compute the balance in each of the following accounts. a. An account with monthly compounding, an APR of 4%, and an initial deposit of $4000, after 5 years b. An account with monthly compounding, an APR of 4.3%, and an initial deposit of $900, after 30 years c. An account with daily compounding, an APR of 4.25%, and an initial deposit of $700, after 49 years a. After 5 years, the balance obtained by investing $4000 at a rate of 4% with monthly compounding, will be $. (Round to the nearest cent as needed.) b. After 30 years, the balance obtained by investing $900 at a rate of 4.3% with monthly compounding, will be $ (Round to the nearest cent as needed.) C. After 49 years, the balance obtained by investing $700 at a rate of 4.25% with daily compounding, will be $ (Round to the nearest cent as needed.)
Use technology to compute the balance in each of the following accounts. a. An account with monthly compounding, an APR of 4%, and an initial deposit of $4000, after 5 years b. An account with monthly compounding, an APR of 4.3%, and an initial deposit of $900, after 30 years c. An account with daily compounding, an APR of 4.25%, and an initial deposit of $700, after 49 years a. After 5 years, the balance obtained by investing $4000 at a rate of 4% with monthly compounding, will be $. (Round to the nearest cent as needed.) b. After 30 years, the balance obtained by investing $900 at a rate of 4.3% with monthly compounding, will be $ (Round to the nearest cent as needed.) C. After 49 years, the balance obtained by investing $700 at a rate of 4.25% with daily compounding, will be $ (Round to the nearest cent as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Solve it now three subparts a, b, and c.
Transcribed Image Text:Use technology to compute the balance in each of the following accounts.
a. An account with monthly compounding, an APR of 4%, and an initial deposit of $4000, after 5 years
b. An account with monthly compounding, an APR of 4.3%, and an initial deposit of $900, after 30 years
c. An account with daily compounding, an APR of 4.25%, and an initial deposit of $700, after 49 years
a. After 5 years, the balance obtained by investing $4000 at a rate of 4% with monthly compounding, will be $.
(Round to the nearest cent as needed.)
b. After 30 years, the balance obtained by investing $900 at a rate of 4.3% with monthly compounding, will be $.
(Round to the nearest cent as needed.)
C. After 49 years, the balance obtained by investing $700 at a rate of 4.25% with daily compounding, will be $.
(Round to the nearest cent as needed.)
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