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You deposit $6000 in an account earning 2% interest compounded monthly. How much will you have in the account in 5 years?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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You deposit $6000 in an account earning 2% interest compounded monthly. How much will you have in the account in 5 years?

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