You wish to deposit $7,000 in an account at the Shylock Bank.The bank pays interest at a nominal annual rate of 10% compounded monthly.What is the future value in the account after seven years?
A) $14,055.44
B) $13,975.47
C) $13,641.02
D) $13,336.23
E) $14,726.68

Question

Quizplus · Accepted Answer

FV = PV × 11ea7fdb_fc2a_090b_a768_7f850f7fd81c_TB2902_00 FV = 7,000 × (1.0083333 11ea7fdb_fc2a_090c_a768_897371fb35aa_TB2902_00 = $14,055.44
Using a financial calculator:
N = 84, I/Y = .833333, PV = -7,000, PMT = 0, cpt FV = $14,055.44

You Wish to Deposit $7,000 in an Account at the Shylock