You placed $4,948 in a savings account today that earns an annual interest rate of 16.32 percent, compounded semiannually. How much will you have in this account at the end of 10 years? Assume that all interest received at the end of the period is reinvested the next period.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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You placed $4,948 in a savings account today that earns an annual interest rate of
16.32 percent, compounded semiannually. How much will you have in this account at
the end of 10 years? Assume that all interest received at the end of the period is
reinvested the next period.
4
Round the answer to two decimal places.
Transcribed Image Text:You placed $4,948 in a savings account today that earns an annual interest rate of 16.32 percent, compounded semiannually. How much will you have in this account at the end of 10 years? Assume that all interest received at the end of the period is reinvested the next period. 4 Round the answer to two decimal places.
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