Suppose an investor deposits $21,000 into a savings account for 4 years at 8.5% interest....

80.2K

Verified Solution

Question

Basic Math

image

Suppose an investor deposits $21,000 into a savings account for 4 years at 8.5% interest. Find the total amount of money in the account if the interest is:1. Compounded annually, then the investment is worth2. Compounded quarterly, then the investment is worth3. Compounded monthly, then the investment is worth4. Compounded weekly, then the investment is worthafter 4 years.after 4 years.after 4 years.after 4 years.5. Compounded daily, then the investment is worth after 4 years.Round your answers to the nearest cent.Use a dollar sign to indicate that your answer is a monetary value.

Answer & Explanation Solved by verified expert
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

Other questions asked by students