Problem 6-17 Calculating Future Values [LO1] Fowler Credit Bank is offering 7.1
ID: 2384327 • Letter: P
Question
Problem 6-17 Calculating Future Values [LO1]
Fowler Credit Bank is offering 7.1 percent compounded daily on its savings accounts. You deposit $5,500 today.
How much will you have in the account in 6 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
How much will you have in the account in 11 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
How much will you have in the account in 18 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
References
eBook & Resources
Fowler Credit Bank is offering 7.1 percent compounded daily on its savings accounts. You deposit $5,500 today.
How much will you have in the account in 6 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Explanation / Answer
1). FV= $8420.8154 or $8421
2). FV =$12009.1894 OR $12009
3). FV =$19,739.5416 OR $19,740