You deposit $11,000 in an account that pays 1.53% interest compounded quarterly. a. Find the future value after one year. b. Use the future value formula for simple interest to determine the effective annual yield. Click the icon to view some finance formulas. a. The future value is $ 11169.27. (Round to the nearest cent as needed.) b. The effective annual yield is %. (Round to the nearest hundredth as needed.) ***
You deposit $11,000 in an account that pays 1.53% interest compounded quarterly. a. Find the future value after one year. b. Use the future value formula for simple interest to determine the effective annual yield. Click the icon to view some finance formulas. a. The future value is $ 11169.27. (Round to the nearest cent as needed.) b. The effective annual yield is %. (Round to the nearest hundredth as needed.) ***
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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You deposit $11,000 in an account that pays 1.53% interest compounded quarterly.
a. Find the future value after one year.
b. Use the future value formula for simple interest to determine the effective annual yield.
Click the icon to view some finance formulas.
a. The future value is $ 11169.27
(Round to the nearest cent as needed.)
b. The effective annual yield is%.
(Round to the nearest hundredth as needed.)
iew an example
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Transcribed Image Text:K
You deposit $11,000 in an account that pays 1.53% interest compounded quarterly.
a. Find the future value after one year.
b. Use the future value formula for simple interest to determine the effective annual yield.
Click the icon to view some finance formulas.
a. The future value is $ 11169.27
(Round to the nearest cent as needed.)
b. The effective annual yield is%.
(Round to the nearest hundredth as needed.)
iew an example
O Search
Get more help -
Clear all
Save
Check answer
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