Question
You just deposited $6,500 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 $6,500 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. | $24,857.24 | |
| b. | $20,748.61 | |
| c. | $20,543.18 | |
| d. | $17,461.70 | |
| e. | $15,407.38 |
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Personal Finance For Dummies
Authors: Eric Tyson
5th Edition
0470038322, 978-0470038321
