Question: kern company deposited 4900 in the bank on january 1...
Kern Company deposited $4,900 in the bank on January 1, 2017, earning 8% interest. Kern Company withdraws the deposit plus accumulated interest on January 1, 2019.
Use the appropriate present or future value table:
FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1
Compute the amount of money Kern withdraws from the bank assuming that interest is compounded (a) annually, (b) semiannually, and (c) quarterly. Round your answers to the nearest dollar.
|a. Annual compounding||$|
|b. Semiannual compounding||$|
|c. Quarterly compounding||$|