Effect of Compounding Period Kern Company deposited $1,000 in the bank on January 1, 2008, earning 8%
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Effect of Compounding Period Kern Company deposited $1,000 in the bank on January 1, 2008, earning 8% interest. Kern Company withdraws the deposit plus accumulated interest on January 1, 2010. Compute the amount of money Kern withdraws from the bank assuming that interest is compounded
(a) annually,
(b) semiannually, and
(c) quarterly.
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