D) A bank account that pays 0.31% per monthly period for the next 3 years in total. If you deposit $1 into a bank account that pays 0.31% per month for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places)
D) A bank account that pays 0.31% per monthly period for the next 3 years in total. If you deposit $1 into a bank account that pays 0.31% per month for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:D) A bank account that pays 0.31% per monthly period for the next 3 years in total.
If you deposit $1 into a bank account that pays 0.31% per month for 3 years, the amount you
will receive after 3 years is $
(Round your answer to five decimal places)
Transcribed Image Text:Calculate the final balance on each bank account after making deposits in them with the
following terms:
A) A bank account that pays 3.5% per yearly period (i.e. the EAR) for the next 3 years in total.
If you deposit $1 into a bank account that pays 3.5% per year for 3 years, the amount you will
receive after 3 years is $
(Round your answer to five decimal places)
B) A bank account that pays 2.3% every 6-month period for the next 3 years in
total.
If you deposit $1 into a bank account that pays 2.3% every 6 months for 3 years,
the amount you will receive after 3 years is $
(Round your answer to five decimal places)
C) A bank account that pays 8.0% per 18-month period for the next 3 years in total.
If you deposit $1 into a bank account that pays 8.0% every 18 months for 3 years, the
amount you will receive after 3 years is $
(Round your answer to five decimal places)
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