# Finance

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John deposited \$1000 on 1st January 2011 in an account paying interest of 12% per annum compounded quaterly. He also deposited \$800 (on 1st January 2011) in another account which pays 15% per annum effective interest. Find the time(n) when the two accounts will be equal value if the exact method is used for fractions of an interest period.

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What is the compounding period for the second account?

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