ANSWER:
I = 6% , DEPOSIT = $2,000
1) N = 5
FV = DEPOSIT * (1 + I) ^ N = 2,000 * (1 + 6%) ^ 5 = 2,000 * (1.06) ^ 5 = 2,000 * 1.3382 = 2,676.45
2) N = 10
FV = DEPOSIT * (1 + I) ^ N = 2,000 * (1 + 6%) ^ 10 = 2,000 * (1.06) ^ 10 = 2,000 * 1.7908 = 3,581.69
3) N = 20
FV = DEPOSIT * (1 + I) ^ N = 2,000 * (1 + 6%) ^ 20 = 2,000 * (1.06) ^ 20 = 2,000 * 3.2071 = 6,414.27
4) N = 50
FV = DEPOSIT * (1 + I) ^ N = 2,000 * (1 + 6%) ^ 50 = 2,000 * (1.06) ^ 50 = 2,000 * 18.42 = 36,840.3
5) N = 100
FV = DEPOSIT * (1 + I) ^ N = 2,000 * (1 + 6%) ^ 100 = 2,000 * (1.06) ^ 100 = 2,000 * 339.30 = 678,604.16
wh. 5.2. 3-61 Suppose that $2,000 is deposited in an account that earns 6% interest, compounded...
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