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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Question
A lump sum deposit of $8,000 left in the bank for 12 years at 9% compounded annually will result in an ending balance of: (Report an integer)
Expert Solution
Step 1 Introduction
Ending balance will arrive when we multiply the initial amount with 1 + rate of interest and number of years. Compound interest will get by subtracting the initial amount from ending amount.
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