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Suppose you have just opened a savings account at The Bank of Long Island. The bank is offering 4% APR on all savings deposits and
Suppose you have just opened a savings account at The Bank of Long Island. The bank is offering 4% APR on all savings deposits and your initial deposit of $15,000 is made today. Assume monthly compounding. You MUST use timelines.
(i) What is the balance in your savings account today?
(ii) What is the balance in your savings account after 1 year?
(iii) What is the balance in your savings account after 8 years?
(iv) What is the balance in your savings account after 6 months?
(v) How long does it take to double your deposit? Do NOT use the Rule of 72
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