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s344n2d4d5 [400]
3 years ago
15

Assume Coronado Industries deposits $98000 with First National Bank in an account earning interest at 8% per annum, compounded s

emi-annually. How much will Coronado have in the account after 6 years if interest is reinvested?
Business
1 answer:
kiruha [24]3 years ago
6 0

Answer:

Future Value= $156,901.16

Explanation:

Giving the following information:

Assume Coronado Industries deposits $98000 with First National Bank in an account earning interest at 8% per annum, compounded semi-annually.

To calculate the future value of this investment, we need to use the following formula:

FV=PV*(1+i)^n

PV= 98,000

i= 0.08/2= 0.04

n= 6*2= 12

FV= 98,000*(1.04^12)= $156,901.16

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Answer: See explanation

Explanation:

a. Consumption = $670 + (30 × $75)

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