A woman placed $1000 in an account. After 4 years the amount has grown to...
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Accounting
A woman placed $1000 in an account. After 4 years the amount has grown to $1500.
(a) Suppose the account earned interest compounded quarterly. Find the nominal yearly rate of interest.
(b) Suppose the account earned discount compounded quarterly. Find the nominal yearly rate of discount.
(c) Suppose the account earned interest compounded continuously. Find the nominal yearly rate of interest.
(d) Suppose the account earned simple interest. Find the nominal yearly rate of interest.
(e) Suppose the account earned simple discount. Find the nominal yearly rate of discount.
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