I want to open a saving account in a private bank and deposits "some" equal amounts per month for a year. My initial amount : 1014 $ Deposits per month :201$ APR (r) = 4% How much will the account grow if it earns a) r% per year compounded yearly? b) r% per year compounded quarterly? c) r% per year compounded monthly? d) r% per year compounded weekly? The hint below: Figure 5.14 shows values of NPERY that can be used for converting various nominal rates into effective rates using the EFFECT function in Excel. Compounding can also be done once every 6 months, for that we use the notations p. 6m. and c. 6m. in Figure 5.14. NPERY values Yourly 6-inantly Contine C. bal COMPOUNDING PERIODS Quarterly Mantily | Wookly Daily C. WC 966 4925 1 1 P. y. p. 6 . p. 9 G Payment period or penod for nominal rato 320033n 16000an 8000300 30005DD G20000 88035 4.333 30 p.m . 2. W p. d. Note: There are come rounding errors, which are acceptable for planning purposes. Figure 5.14. Table with NPERY Values for Finding Effective Rates