Suppose that you want to open a saving account in a private bank and deposits some equal amounts per month for a year.

Initial amount is $3005.

Deposit per month is $203.

APR is 5%

How much will the account grow if it earns

1. r% per year compounded yearly?
2. r% per year compounded quarterly?
3. r% per year compounded monthly?
4. r% per year compounded weekly?

here is a hint

Figure 5.14 shows values of NPERY that can be used for converting various nominal rates into effective rates using the EFFECT function in Excel. Compounding can also be done once cvery 6 months, for that we use the notations p. m. and com.in Figure 3.14. NPERY Values Yunily furwintlily c . 6m. C l COMPOUNDING PER ODS lily Madily Way Daily Cantima 2. c. n. C. c. 52 182516000170 800030C 4.311 30 1000000 C20223 S-855 wash acceptable arclaring pumu. 12 Pwyrat period of penilad for noriral rato Note: There are moro.rding Figura 5.14. Toble with NPERY Values for Finding Machive Rate