Assume you make a single deposit of $1000 into a savings account that pays interest at 0.5%

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Assume you make a single deposit of $1000 into a savings account that pays interest at 0.5% per month. If you want to know how much the account will be worth in 5 years, the only values you can use for i and n are

a. Effective i per month and n  60

b. Effective i per quarter and n  30

c. Effective i per semiannual period and n  10

d. Either

(a) or (c)

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Basics Of Engineering Economy

ISBN: 9780073376356

2nd Edition

Authors: Leland T. Blank, Anthony Tarquin

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