Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what was the answer Carol made a deposit of $1464 00 into a bank account that earns interest at 6 2% compounded semi-annually. The deposit

what was the answer

image text in transcribed
Carol made a deposit of $1464 00 into a bank account that earns interest at 6 2% compounded semi-annually. The deposit earns interest at that rate for three years (a) Find the balance of the account at the end of the period (b) How much interest is eamed? (c) What is the effective rate of interest? (a) The balance at the end of the period is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed.) (b) The interest earned is $ (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed ) (c) The effective rate of interest is % (Round the final answer to four decimal places as needed Round all intermediate values to six decimal places as needed )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics, Enhanced

Authors: Erwin Kreyszig

10th Edition

1119446848, 9781119446842

More Books

Students also viewed these Mathematics questions

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago