Rob deposits $1,000 in a savings account at New York State Bank that pays 1.4% interest, compounded
Question:
Rob deposits $1,000 in a savings account at New York State Bank that pays 1.4% interest, compounded monthly.
a. How much is in his account at the end of 1 year, to the nearest cent?
b. What is the APY for this account to the nearest hundredth of a percent?
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Solution aThe amount is given by APert P1000r140014t1year11212 So we have A1000e001412 A1000e0...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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