Question
I have two questions for this one (I need an explanation on how to do these so I can know for later problems, Thank You!)
I have two questions for this one (I need an explanation on how to do these so I can know for later problems, Thank You!)
1. Fourteen years ago, Amilyn deposited money into an account that compounded quarterly at 5.2% interest. After five years, she had to withdraw all of her money (including interest) and transfer it to another account that compounded continuously at 4.9% interest. It has been in this account for nine years. If the current balance is $17,340, how much was the original deposit made fourteen years ago?
2. What is the APY on an account that has a 6.8% annual interest rate compounded monthly? Recall that the APY is the actual interest rate you are getting on the account when you factor in the frequency of compounding.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started