If you deposit $10,000 in a bank account that pays 6% interest annually, how much will...

If you deposit $10,000 in a bank account that pays 6% interest annually, how much will be in your account after 5 years (to two decimal places)?

Answer to the nearest cent xxx.xx and enter without the dollar sign.

Solutions

Expert Solution

Calculations-

Here,
Fv is the future value of amount invested
rate is the periodic interest rate
nper is no. of periods
pmt is the periodic payments
Pv is the present value of investmet
type = 0 if the amount is paid at the end of the year ,1 if it is paid at the beginning.

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jeff jeffy answered 1 year ago

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