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Derek can deposit $251.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next
Derek can deposit $251.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 14.00% and compounds interest monthly Derek can deposit $2,484.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434% % sign required Will accept decimal formet rounded to 6 decimal places (ex: 0.092434)) Assume the real rate of interest is 3.00% and the inflation rate is 3.00% What is the value today of receiving 13,127.00 in 14.00 years? Submit Answer format: Currency Round to: 2 decimal places
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