Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. five years from today, you plan to invest $2,950 f

Five years from today, you plan to invest $2,950 for 8 additional years at 5.3 percent...

80.2K

Verified Solution

Question

Finance

Five years from today, you plan to invest $2,950 for 8additional years at 5.3 percent compounded annually. How much willyou have in your account 13 years from today?

Multiple Choice $4,962.80 $4,459.12 $4,845.57 $3,819.12

Answer & Explanation Solved by verified expert
3.9 Ratings (624 Votes)
Solution The formula for calculating the future value of an Investment with compound Interest is P 1 rn n t Where P Principal r    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Five years from today, you plan to invest $2,950 for 8additional years at 5.3 percent compounded annually. How much willyou have in your account 13 years from today?Multiple Choice $4,962.80 $4,459.12 $4,845.57 $3,819.12

Other questions asked by students

Q

Heat equation: Arbitrary temperatures at ends. If the ends x = 0 and x = L...

Physics
Q

Do bonds reduce the overall risk of an investment portfolio? Let x be a random variable...

Basic Math
Q

Select the correct answer A group of environmental activists in West Virginia wants to save...

Biology
Q

In a Compton scattering experiment the wavelength of the incident photon is 65 0 pm...

Physics
Q

An observer moves away from a linear source of sound The loudness level decreases by...

Physics
Q

If a vessel containing liquid moves down ward with a constant acceleration equal to g...

Physics
Q

stration 7 Two charges each of magnitude Q are fixed at 2a distance apart A...

Physics
Q

43 Liquid water enhancers Bottled water flavored and plain is expected to become the largest...

Statistics
Q

If cos x sin4 x A B cos 2x C cos 4x D cos 2x...

Calculus
Q

Answer all for thumbs up. accounting

Accounting
Q

Which of the following industries is likely to have the greatest degree of risk from...

Accounting
Q

Suppose you have been hired as a financial consultant to Defense Electronics, Inc. (DEI), a...

Finance