2B03 Quiz 2 Solutions.pdf

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Engineering (General)
Course Code
Joe Kim

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Quiz #2 1. If you deposit $2000 into an account with an interest rate of 10% compounded monthly, what would the effective quarterly interest rate be for this account? • ie=(1+r/m)^k-1 = (1+0.1/12)^3-1 = 0.025208912 2. If you made $200 weekly deposits into a savings account how much money would you have at the end of 24 months? The savings account has 12% interest compounded monthly. • F=A(F/A,i,N)= 800[ ((1+0.12/12)^24-1) /(0.12/12)] =21578.77 Quiz #2 1. If you deposi
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