If $3,000 Is Compounded Annually at 6

question 121

Short Answer

If $3,000 is compounded annually at 6.5% for 15 years, what is the future value?
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Please round the answer to the nearest cent.
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$ __________

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Definitions:

M1

A category of the money supply that includes physical currency and coins, demand deposits, traveler’s checks, and other checkable deposits.

M2

A measure of the money supply that includes cash, checking deposits, and easily convertible near money.

M3

A measure of the money supply that includes M2 plus large time deposits, institutional money market funds, and short-term repurchase and other larger liquid assets.

Shareholders

Individuals or entities that own shares in a corporation, giving them certain rights such as voting on corporate matters and receiving dividends.