Sabrina plans to save for next two years. She plans to put away $1000 every 6 months starting 6 months from now. What will be the value of her savings after two years if her savings account earns at a rate of 8% compounded semi-annually? A) $4000 B) $4246.46 C) $2080 D) $6414.51
Sabrina plans to save for next two years. She plans to put away $1000 every 6 months starting 6 months from now. What will be the value of her savings after two years if her savings account earns at a rate of 8% compounded semi-annually? A) $4000 B) $4246.46 C) $2080 D) $6414.51
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Sabrina plans to save for next two years. She plans to put away $1000 every 6 months starting 6 months from now. What will be the value of her savings after two years if her savings account earns at a rate of 8% compounded semi-annually?
A) $4000
B) $4246.46
C) $2080
D) $6414.51
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