Determine the amount of money in a savings account at the end of
3 years, given an initial deposit of $5,000 and a 16 percent annual
interest rate when interest is compounded: Use Appendix A for an
approximate answer, but calculate your final answer using the
formula and financial calculator methods. (Do not round
intermediate calculations. Round your final answers to 2 decimal
places.)
future value | ||
a | annually | ? |
b | semiannually | ? |
c | quarterly | ? |
Please find the detailed explanation below:
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