What is the maturity value of a 3-year term deposit of $9914.05 at 3.6% compounded monthly? How much interest did the deposit earn?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
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Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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What is the maturity value of a 3-year term deposit of $9914.05 at 3.6% compounded monthly? How much interest did the deposit earn?
The maturity value of the term deposit is $
Transcribed Image Text:What is the maturity value of a 3-year term deposit of $9914.05 at 3.6% compounded monthly? How much interest did the deposit earn? The maturity value of the term deposit is $
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