Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you deposit $4,000 in the bank at the end of each

You deposit $4,000 in the bank at the end of each year for 30 years. If...

60.1K

Verified Solution

Question

Finance

You deposit $4,000 in the bank at the end of each yearfor 30 years. If the bank pays interest of 5.25% per annum, whatamount will you have accumulated if interest iscompounded:

a. Annually

b. Semi-Annually

c. Quarterly

d. Monthly

e. Daily

Please show all your work and explain youranswers.

Answer & Explanation Solved by verified expert
3.7 Ratings (688 Votes)
AnswerFirst we need to calculate effective annual interest rateEAREAR 1 I N N 1I    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

You deposit $4,000 in the bank at the end of each yearfor 30 years. If the bank pays interest of 5.25% per annum, whatamount will you have accumulated if interest iscompounded:a. Annuallyb. Semi-Annuallyc. Quarterlyd. Monthlye. DailyPlease show all your work and explain youranswers.

Other questions asked by students

Biology
1.2K views

In otherwise normal, intact (not leaky), coupled mitochondria supplied with succinate and ADP, if you add...

Physics
1.2K views

Water from a pipe is coming at a rate of 100 liters per minute If...

Geometry
1.2K views

Use the Table command and the future value formula on Page 271 Page 305 2nd...

Basic Math
1.2K views

Suppose that y varies directly with x, and y=8 when x = 20.(a) Write a...

Statistics
1.2K views

A random sample is to be selected from a population For which of the following...

Calculus
1.2K views

figure the shape of a small oam Assum the water level is at the top...

Algebra
1.2K views

Graph each function f x 12 4 X 2 4 3 2 1 6 X

Accounting
1.2K views

QUESTION 1 Moda, Capital account has a credit balance of $56,300 before closing entries are...

Accounting
1.2K views

The following transactions occur over the remainder of the year. ...

Accounting
1.2K views

Required information The following information applies to the questions displayed below. Summary information from the...

Accounting
1.2K views

Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information...

Accounting
1.2K views

The balance sheet at December 31,2024, for Nevada Harvester Corporation includes the liabilities listed below:...