John makes a deposit of $12,000 in a bank at 6% Compound Interest annually, for 7 years.

a) At the end of 7 years, how much John will have in his bank account?

b) Suppose that deposit earned 9% interest compounded quarterly, how much John will have at the end of 7 years?

c) E.A.Y in first case is,

d) E.A.Y in second case is,

Formula for E.A.Y is, Effective Annual Yield = (FV - PV) / PV

	1.	a) 18,043.56 b) 22,374 c) 6%, d) 3%
	2.	a) 18,043.56 b) 22,374 c) 6% d) 9.31%
	3.	a) 22,374 b) 18,043.56 c) 2.25% d) 6%
	4.	a) 22,374 b) 18,043.56 c) 9.31% d) 6%