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?

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