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kumpel [21]
3 years ago
14

Find the amount to which $550 will grow under each of the following conditions. Do not round intermediate calculations. Round yo

ur answers to the nearest cent.
(A) 9% compounded annually for 5 years.
(B) 9% compounded semiannually for 5 years.
(C) 9% compounded quarterly for 5 years.
(D) 9% compounded monthly for 5 years.
Business
1 answer:
Cloud [144]3 years ago
6 0

Answer:

(A)Fv= $864.2

(B) Fv= $1302.05

(C) Fv=  $2003.4

(D) Fv= $96817.21

Explanation:

Giving the following information:

Initial investment= $550

We will use the final value formula:

FV=Present value*(1+i)^n

(A) 9% compounded annually for 5 years.

Fv= 550*(1.09)^5=$864.2

(B) 9% compounded semiannually for 5 years.

Fv= 550*(1.09)^10= $1302.05

(C) 9% compounded quarterly for 5 years.

Fv= 550*(1.09)^15= $2003.4

(D) 9% compounded monthly for 5 years.

Fv= 550*(1.09)^60=$96817.21

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The listing associate should present the offer to the seller as a potential backup offer for further negotiation.

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