n amount of $5000 was invested with an annual interest rate of 5.5% compounded monthly. Answer the following and show all work: 2.a. What is the value of the investment after 20 years? 2.b.How much interest was earned? 2.c. What is the rate of return on the investment?

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 10EB: You have been depositing money into an account yearly based on the following investment amounts,...
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n amount of $5000 was invested with an annual interest rate of 5.5% compounded monthly. Answer the following and show all work:

 

2.a. What is the value of the investment after 20 years?

 

2.b.How much interest was earned?

 

2.c. What is the rate of return on the investment?

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