On January 1, 2016, you deposited $7,000 in a savings account. The account will earn 9...
On January 1, 2016, you deposited $7,000 in a savings account. The account will earn 9 percent annual compound interest, which will be added to the fund balance at the end of each year.
1. What will be the balance in the savings account at the end of 9 years? (Use appropriate factor(s) from the tables provided. Round your final answers to 2 decimal places.)
Balance in the savings account>
2. What is the total interest for the 9 years? (Use appropriate factor(s) from the tables provided. Round your final answers to 2 decimal places.)
Total Interest?
3. How much interest revenue did the fund earn in 2016 and in 2017? (Round your final answers to 2 decimal places.)
2016 Interest Revenue ??
2017 Interest Revenue ??
Homework Answers
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On January 1, 2016, you deposited $7,000 in a savings account.
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