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Compound Interest with Non-Annual Periods Assignment | Homework For You

(Related to Checkpoint 5.2) (Compound interest with non-annual periods) You just received a bonus of $4,000.
a. Calculate the future value of $4,000, given that it will be held in the bank for 5 years and earn an annual interest rate of 6 percent.Homework For You
b. Recalculate part (a) using a compounding period that is (1) semiannual and (2) bimonthly.
c. Recalculate parts (a) and (b) using an annual interest rate of 12 percent.
d. Recalculate part (a) using a time horizon of 10 years at an annual interest rate of 6 percent. e. What conclusions can you draw when you compare the answers in parts (c) and (d) with the answers in parts (a) and (b)?
a. What is the future value of $4,000 in a bank account for 5 years at an annual interest rate of 6 percent? $ (Round to the nearest cent.)Get Finance homework help today

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