Hi there, a Bartleby tutor just helped me answer this question but it was monthly compounding. I now need help with the same question but weekly compounding this time. 4. Suppose our savings account ($937.33) pays us compound interest with weekly compounding. (Interest rate is 8.24%) A. How much savings will we have in 2 years? b. How much total interest did we earn? c. How much does our money grow by each year as a percent? d. What is the APY (annual percentage yield)?

Hi there, a Bartleby tutor just helped me answer this question but it was monthly compounding. I now need help with the same question but weekly compounding this time. 4. Suppose our savings account ($937.33) pays us compound interest with weekly compounding. (Interest rate is 8.24%) A. How much savings will we have in 2 years? b. How much total interest did we earn? c. How much does our money grow by each year as a percent? d. What is the APY (annual percentage yield)?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PA: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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