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Determine the value at the end of five years of a $6,000 investment (today) in a...

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Finance

Determine the value at the end of five years of a $6,000investment (today) in a bank certificate of deposit (CD) that paysa nominal annual interest rate of 10 percent, compounded undereither of the following three terms. Round your answers to thenearest cent.

  1. Semiannually
    $  

  2. Quarterly
    $  

  3. Monthly
    $  

Answer & Explanation Solved by verified expert
3.7 Ratings (354 Votes)
Here we will use the following formula FV PV 1 rn where FV Future value PV Present value r rate of interest n time period a When interest is compounded semi annually PV    See Answer
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