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Problem in economics, finance, business 4.16 A bank pays interest at the rate of 12% per year, compounded monthly. If a man deposits $3000 in

image text in transcribed Problem in economics, finance, business

4.16 A bank pays interest at the rate of 12% per year, compounded monthly. If a man deposits $3000 in the bank and leaves it for 5 years, how much money wi11 accumulate, according to (a) (2.1)? (b) Appendix A? Ans. (a) $5450.09; (b) $5450.10

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