Enter the following on the answer sheet: the section of the worksheet used, the amount...
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Accounting
Enter the following on the answer sheet: the section of the worksheet used, the amount of the payment(s), the interest rate, the number of periods or payments, the timing of the first payment (if applicable) and the answer. NOTE: All interest rates shown in the exercises are annual rates. Also assume that interest is compounded annually unless indicated otherwise.
a. Carmen invests $500 in an account today. To what will it grow if invested at 10% compounded semiannually for five years? b. Same investment compounded quarterly?
c. Same investment compounded monthly?
PLEASE SHOW ME HOW YOU GOT THE ANSWER AND FORMULA USED IN EXCEL!!!!!!!!!!
Table Used
Payment amount
number of periods
interest rate
first payment
Answer
Exercise 2
a
FV amount
500
10
10.00%
X
$814
b
FV amount
500
20
10.00%
X
$819
c
FV amount
500
60
10.00%
X
$822
Answer & Explanation
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