Question
John has also deposited 5,000 into a money market account which pays a variable interest rate with interest compounding monthly. The interest rate is expected
John has also deposited 5,000 into a money market account which pays a variable interest rate with interest compounding monthly. The interest rate is expected to be 4% annually for the first 3 months, 3% annually for the following 6 months, 4% annually for the next 3 months. What is the total amount in this account after one year?
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International Financial Reporting Standards An Introduction
Authors: Belverd E. Needles, Marian Powers
3rd Edition
1133187943, 978-1133187943
