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

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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
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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.

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