You have $11,300 to invest for three years. Your bank offers interest 5.5% per year, compounded continuously. Assuming no additional deposits or withdrawals, how much money will be in that account at the end of three years? O a. 11,793 O b. 12,380 O c. 12,851 O d. 13,323 O e. 13,676

You have $11,300 to invest for three years. Your bank offers interest 5.5% per year, compounded continuously. Assuming no additional deposits or withdrawals, how much money will be in that account at the end of three years? O a. 11,793 O b. 12,380 O c. 12,851 O d. 13,323 O e. 13,676

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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Suppose that you deposit $15 at the end of each month into a savings account that pays 2% interest compounded monthly. After a year, ------ is in the account.
You deposit $2,000 in an account today earning 8% per year. Five years from today, you make another deposit. After 20 total years from today, you have $28,354.93 in the account. What was the amount of that deposit in year five? Round to the nearest dollar, use the $ symbol and comma if necessary.
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