Question
A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly.
A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, at an interest rate of 9% compounded quarterly.
What amount she will have finally when the company returns the amount to her after 3 years?
How much total interest should she earn in 10 years' time?
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Sure I can help you with that The mother will have a total of 31396631 after 3 years when the compan...Get Instant Access to Expert-Tailored Solutions
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
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