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28 Sep 2019
Suppose you deposit $10,000 in a savings account that earns an 8% nominal annual rate for 5 years. The interest will be compounded semi-annually.
a) What are the periodic and the effective annual rates?
b) What is the amount of money in the account at the end of 6 years?
Suppose you deposit $10,000 in a savings account that earns an 8% nominal annual rate for 5 years. The interest will be compounded semi-annually.
a) What are the periodic and the effective annual rates?
b) What is the amount of money in the account at the end of 6 years?
Darryn D'SouzaLv10
28 Sep 2019