Finance

You can save $ 1,500 each year in saving account that pays 4% interes quarterly. How much will you have in 5 year? What if interest was compounded semi annual? What is interest was compund annual?

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  1. amount at 4% compounded quarterly
    = 1500(1.01)^20
    = ..

    amount at 4% compounded semi-annually
    = 1500(1.02)^10
    = ..

    amount at 4% per annum
    = 1500(1.04)^5
    = ...

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    posted by Reiny

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