Posted by **cortesa** on Wednesday, April 6, 2011 at 11:40pm.

You have just placed $1,500 in a bank savings deposit and plan to hold that

deposit for eight years, earning 5½ percent per annum. If the bank compounds interest daily, what will be the total value of the deposit in eight years? How does your answer change if the bank switches to monthly compounding? Quarterly compounding?

## Answer This Question

## Related Questions

- Finance - Annuities - Natasha plans to deposit $4,000 per year in her account ...
- math - you are going to open a certificate of deposit $500 for 3 years with 2% ...
- Economics - Finance - If your bank pays 5.5 percent interest on savings deposits...
- finance math - Meg's pension plan is an annuity with a guaranteed return of 7% ...
- Alg 2 - Suppose you deposit a principal amount of p dollars in a bank account ...
- Alg2 - Help....Help... Suppose you deposit a principal amount of p dollars in a ...
- Finance - 7. Today you open a bank account and make a deposit of $6,000. Then ...
- English - 1. I called at his house. 2. I visited his house. 3. I called on one ...
- Math - If you deposit P dollars into a bank account paying an annual interest ...
- algebra - The formula for calculating the amount of money returned for an ...

More Related Questions