Find the compound amount and the amount of interest earned by the following deposit. $8,000 at...

Question

Question

business finance

Answer 1

Answer #1

PV =8000
Rate =5.85%
Number of Years =3

Compound Amount =PV*e^(r*t) =8000*e^(5.85%*3) =9534.74

Interest earned =9534.74-8000 =1534.74

Answer 2

Similar Homework Help Questions

Find the compound amount and the amount of interest earned by the following deposit. $2,000 at...

Find the compound amount and the amount of interest earned by the following deposit. $2,000 at 5.41% compounded continuously for 6 years. What is the compound amount? $ (Round to the nearest cent.) What is the interest earned?
Find the compound amount for the deposit and the amount of interest earned. $6200 at 3%...

Find the compound amount for the deposit and the amount of interest earned. $6200 at 3% compounded quarterly for 9 years The compound amount after 9 years is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The amount of interest earned is $ . (Do not round until the final answer. Then round to the nearest cent as needed.)
Find the compound amount and the amount of interest earned by the following deposit. $3.000 at...

Find the compound amount and the amount of interest earned by the following deposit. $3.000 at 6.59% compounded continuously for 9 years. What is the compound amount? What is the interest earned?

Find the compound amount for the deposit and the amount of interest earned. $240 at 5.8%...

Find the compound amount for the deposit and the amount of interest earned. $240 at 5.8% compounded semiannually for 11 years The compound amount after 11 years is $ . (Do not round until the final answer. Then round to the nearest cent as needed.) The amount of interest earned is $7. (Do not round until the final answer. Then round to the nearest cent as needed.)
Find the missing interest earned. Principal Rate Compounded | Time Final Amount Compound Interest $12256 %...

Find the missing interest earned. Principal Rate Compounded | Time Final Amount Compound Interest $12256 % quarterly 5 years $1649.90 The amount of compound interest earned is $|| (Round to the nearest cent as needed)
Find the compound amount for the deposit. Round to the nearest cent. $9,000 at 7% compounded...

Find the compound amount for the deposit. Round to the nearest cent. $9,000 at 7% compounded semiannually for 10 years O A. $12,695.39 OB. $17,704.36 OC. $17,908.10 OD. $9,006.30 Click to select your answer. Type here to search Find the amount of compound interest earned. $9,000 at 5% compounded annually for 3 years O A. $1,441.63 O B. $1.418.63 O C. $1,935,000.00 OD. $19,350.00

' tuTпорар Score: 0 of 1 pt 5.1.23 Find the compound amount for the given deposit...

' tuTпорар Score: 0 of 1 pt 5.1.23 Find the compound amount for the given deposit and the amount of interest earned. $3500 is invested at 6% compounded quarterly for 6 years The compound amount is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Use the compound interest formula to compute the total amount accumulated and the interest earned. $2500...

Use the compound interest formula to compute the total amount accumulated and the interest earned. $2500 for 5 years at 5% compounded quarterly The total amount accumulated after 5 years is $ (Round to the nearest cent as needed.) The amount of interest earned is $ (Round to the nearest cent as needed.)
Find the compound amount for the deposit. Round to the nearest cent. $27,974 at 8.5% compounded...

Find the compound amount for the deposit. Round to the nearest cent. $27,974 at 8.5% compounded daily for 5 years

Find the compound amount for the deposit. Round to the nearest cent. $15,000 at 10% compounded...

Find the compound amount for the deposit. Round to the nearest cent. $15,000 at 10% compounded semiannually for 10 years.