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QUESTION a) Joseph Barima deposits US$10,000 into an account at the Kaneshie branch of Otublohum Bank Ghana Limited today paying interest of 6% per annum

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QUESTION a) Joseph Barima deposits US$10,000 into an account at the Kaneshie branch of Otublohum Bank Ghana Limited today paying interest of 6% per annum and leaves it for the next 5 years. (i) How much will accrue in his Bank account at the end of the maturity period if interest in compounded (a) Monthly (b) semi-annually (c) Annually? (6 marks) (i) Calculate the Effective Annual Rates (EAR) for each of the conditions. (4 marks)

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