ou deposit $8,800 of your high school graduation gift money into a savings accou
ID: 2703893 • Letter: O
Question
ou deposit $8,800 of your high school graduation gift money into a savings account.
How much will it be worth when you graduate from med school in seven years if interest rates are 6.50%? (Round your answer to 2 decimal places.)
How much will it be worth when you graduate from med school in seven years if interest rates are 8.50%? (Round your answer to 2 decimal places.)
How much will it be worth when you graduate from med school in seven years if interest rates are 9.50%? (Round your answer to 2 decimal places.)
a.How much will it be worth when you graduate from med school in seven years if interest rates are 6.50%? (Round your answer to 2 decimal places.)
ou deposit $8,800 of your high school graduation gift money into a savings account. How much will it be worth when you graduate from med school in seven years if interest rates are 6.50%? (Round your answer to 2 decimal places.) How much will it be worth when you graduate from med school in seven years if interest rates are 8.50%? (Round your answer to 2 decimal places.) How much will it be worth when you graduate from med school in seven years if interest rates are 9.50%? (Round your answer to 2 decimal places.)Explanation / Answer
a)
FV = 8000*1.065^7 = $12431.89
b)
FV = 8000*1.085^7 = $14161.14
c)
FV = 8000*1.095^7 = $15100.41
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