Savings account today that earns an annual interest rate, Finance Basics

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Savings account today that earns an annual interest rate

Problem:

You placed $9,084 in a savings account today that earns an annual interest rate of 3 percent compounded annually.

Question: How much you will have in this account at the end of 17 years? Assume that all interest received at the end of the year is reinvested the next year. Please provide all computation and formulas.

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Finance Basics: Savings account today that earns an annual interest rate

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Finance Basics: Savings account today that earns an annual interest rate

Reference No:- TGS0875934

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : Real risk-free rate of interest

Q : What is the company eva

Q : Simple interest rate

Q : Highest productivity in terms of revenue per

Q : Savings account today that earns an annual interest rate

Q : Calculate the multi factor productivity

Q : Expected appreciation rate on home equity

Q : What is the future value

Q : Interested in a foreclosed property

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: Savings account today that earns an annual interest rate

Reference No:- TGS0875934

Recent Questions Asked Finance Basics

Q : Real risk-free rate of interest

Q : What is the company eva

Q : Simple interest rate

Q : Highest productivity in terms of revenue per

Q : Savings account today that earns an annual interest rate

Q : Calculate the multi factor productivity

Q : Expected appreciation rate on home equity

Q : What is the future value

Q : Interested in a foreclosed property

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