Effect of Compounding Period Floyd Enterprises deposited $4,700 in the bank on January 1, 2017,...
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Accounting
Effect of Compounding Period
Floyd Enterprises deposited $4,700 in the bank on January 1, 2017, earning 8% interest. Floyd Enterprises withdraws the deposit plus accumulated interest on January 1, 2019.
Use the appropriate present or future value table:
FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1
Compute the amount of money Floyd withdraws from the bank assuming that interest is compounded (a) annually, (b) semiannually, and (c) quarterly. Round your answers to the nearest dollar.
| a. Annual compounding | $ |
| b. Semiannual compounding | $ |
| c. Quarterly compounding |
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