Compound Interest and Effective Annual Interest Rate 1st Write out the formula 2nd Write the formula with your numbers substituted 3rd Calculate- showing each step in the calculation. *Amount invested: $2000 *Annual interest rate: 2.7% *Number of times per years interest is calculated: Weekly Find the amount in the compound interest account after two years, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent. Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.

Compound Interest and Effective Annual Interest Rate 1st Write out the formula 2nd Write the formula with your numbers substituted 3rd Calculate- showing each step in the calculation. Amount invested: $2000 Annual interest rate: 2.7% *Number of times per years interest is calculated: Weekly Find the amount in the compound interest account after two years, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent. Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 8CE

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