A person has $4000 in a savings account at the beginning of calendar year; the bank pays interest at 6% per year compounded quarterly. What is the balance in the account at the end of the calendar year? WayStat
A person has $4000 in a savings account at the beginning of calendar year; the bank pays interest at 6% per year compounded quarterly. What is the balance in the account at the end of the calendar year? WayStat
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question

Transcribed Image Text:A person has $4000 in a savings account at the beginning of calendar year; the bank pays interest at
6% per year compounded quarterly. What is the balance in the account at the end of the calendar
year?
Date
Jan. 10
Feb. 20
Apr. 12
May 5
May 13
May 24
June 21
Aug. 10
Sept. 12
Nov. 27
Dec. 17
Dec. 29
$5.200.34
$5.601.21
$10.500.45
Table 4-1
Effective Date Deposit
Jan. 1
Mar. 31
Apr. 1
June 30
June 30
Apr. 1
Apr. 1
Sept. 30
July 1
Oct. 1
Dec. 31
Oct. 1
$1200
65
115
1600
2300
Withdrawal
$ 175
1500
50
250
800
350
750
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