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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