3) $35,000 is deposited into an account that earns 9% compounded semi-annually for 7 years and 11 months. Determine: a. The total amount in the account at the end of 7 years and 11 months (Future Value) b. The interest included in that Future Value. 4) The Toronto Estonian Credit union charges 17% compounded monthly on certain types of loans. They want to convert that to a rate compounded quarterly, that maintains the same effective rate. Determine: a. The effective rate of 17% compounded monthly. b. The nominal rate (j) of interest compounded quarterly is equal to 17% compounded monthly.
3) $35,000 is deposited into an account that earns 9% compounded semi-annually for 7 years and 11 months. Determine: a. The total amount in the account at the end of 7 years and 11 months (Future Value) b. The interest included in that Future Value. 4) The Toronto Estonian Credit union charges 17% compounded monthly on certain types of loans. They want to convert that to a rate compounded quarterly, that maintains the same effective rate. Determine: a. The effective rate of 17% compounded monthly. b. The nominal rate (j) of interest compounded quarterly is equal to 17% compounded monthly.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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3) $35,000 is deposited into an account that earns 9% compounded semi-annually for 7 years and 11 months. Determine:
a. The total amount in the account at the end of 7 years and 11 months (Future Value)
b. The interest included in that Future Value.
4) The Toronto Estonian Credit union charges 17% compounded monthly on certain types of loans. They want to convert that to a rate compounded quarterly, that maintains the same effective rate. Determine:
a. The effective rate of 17% compounded monthly.
b. The nominal rate (j) of interest compounded quarterly is equal to 17% compounded monthly.
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