Edward Locker deposited ($ 12,000) in a savings account that earns interest at an annual rate of

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Edward Locker deposited \(\$ 12,000\) in a savings account that earns interest at an annual rate of \(12 \%\), compounded quarterly. The \(\$ 12,000\) plus earned interest must remain in the account three years before it can be withdrawn. How much money will be in the account at the end of three years?

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Financial Accounting

ISBN: 9780256091939

5th Edition

Authors: Kermit D. Larson, Paul B. W. Miller

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