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You just deposited $12,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the
You just deposited $12,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now?
a. 26,726.81
b. 26,712.91
c. 26,685.11
d. 26,740.71
e. 26,699.01
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