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PLEASE PLEASSEE HELP ME ! ! ! ! IVE SPENT 5 HOURS ON IT ! ! ! STILL WRONG!!!! PLEASE HELP ME WITH PART A
PLEASE PLEASSEE HELP ME IVE SPENT HOURS ON IT STILL WRONG!!!! PLEASE HELP ME WITH PART A AND B
You deposit $ at the end of the year into an account that pays interest at a rate of
compounded annually. A year after your deposit, the savings account interest rate changes to
nominal interest compounded monthly. Five years after your deposit, the savings account again
changes its interest rate; this time the interest rate becomes nominal interest compounded
quarterly. Nine years after your deposit, the saving account changes its rate once more to
compounded annually.
a How much money should be in the savings account years after the initial deposit, assuming no
further changes in the account's interest rate?
b What interest rate, compounded annually, is equivalent to the interest pattern of the saving account
in Part a over the entire year period?
a $ should be in the savings account years after the initial deposit. Round to the
nearest dollar.
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