invest $8000.00 with a company for 5 years who offers an annual interest rate 4.7% compounded...

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Question

invest $8000.00 with a company for 5 years who offers an annual interest rate 4.7% compounded...

invest $8000.00 with a company for 5 years who offers an annual interest rate 4.7% compounded monthly, but no withdrawals allowed. At the end of 5-year, how much will you have? Please go step-by-step.

business accounting

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Answer 1

Answer #1

FV= PV*(1+r)^n

Where,
FV= Future Value
PV = Present Value
r = Interest rate
n= Number of years

= $8000*( 1+0.047)^5

=8000*1.25815

= $10065.22



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Answer 2

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invest $8000.00 with a company for 5 years who offers an annual interest rate 4.7% compounded...

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