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On january 1 beth woods made a single deposit of 8000 in an

Question - Future Values

Use Future Value Tables or your calculator to complete the requirements below. On January 1, Beth Woods made a single deposit of $8,000 in an investment account that earns 8% interest.

Required: Round your answers to the nearest cent.

1. Calculate the balance in the account in 5 years assuming the interest is compounded annually.

2. Determine how much interest will be earned on the account in 7 years if interest is compounded annually.

3. Calculate the balance in the account in 5 years assuming the 8% interest is compounded quarterly.

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Accounting Basics: On january 1 beth woods made a single deposit of 8000 in an

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Accounting Basics: On january 1 beth woods made a single deposit of 8000 in an

Reference No:- TGS02861130

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