For the past 10 years, M has deposited $40 at the end of each month in a savings bank paying 3% compounded semiannually. If the policy of the bank is to place each deposit at 3% simple interest on the first of each month and compound semiannually, find the amount to M's eredit

For the past 10 years, M has deposited $40 at the end of each month in a savings bank paying 3% compounded semiannually. If the policy of the bank is to place each deposit at 3% simple interest on the first of each month and compound semiannually, find the amount to M's eredit

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

27. For the past 10 years, M has deposited $40 at the end of each month in a savings bank paying 3% compounded semiannually. If the policy of the bank is to place each deposit at 3% simple interest on the first of each month and compound semiannually, find the amount to M's eredit.

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