Question
You have $5,100 to deposit. Regency Bank offers 12 percent per year compounded monthly (1.0 percent per month), while King Bank offers 12 percent but
You have $5,100 to deposit. Regency Bank offers 12 percent per year compounded monthly (1.0 percent per month), while King Bank offers 12 percent but will only compound annually.
How much will your investment be worth in 18 years at each Bank? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
| Investment value | |
| Regency Bank | $ |
| King Bank | $ |
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Essentials of Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
9th edition
978-1259277214
