(LG 2.2) You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more than $8000 if a. The account pays 5 percent actual interest every half-year and is com- pounded every half-year? b. The account pays 5 percent nominal interest, compounded semiannually?
(LG 2.2) You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more than $8000 if a. The account pays 5 percent actual interest every half-year and is com- pounded every half-year? b. The account pays 5 percent nominal interest, compounded semiannually?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![the answer to this question is Q2.24a=9.633, Q2.24b=19.03
but we just need to find how we get that answer for these questions please help
2.24 (LG 2.2) You have a bank deposit now worth $5000. How long will it take for
your deposit to be worth more than $8000 if
a. The account pays 5 percent actual interest every half-year and is com-
pounded every half-year?
b. The account pays 5 percent nominal interest, compounded semiannually?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3de0f320-702f-4e80-ba27-5eb407105407%2F9964ebcd-5e10-42fe-8dc4-336b613d0084%2F6s28166d_processed.png&w=3840&q=75)
Transcribed Image Text:the answer to this question is Q2.24a=9.633, Q2.24b=19.03
but we just need to find how we get that answer for these questions please help
2.24 (LG 2.2) You have a bank deposit now worth $5000. How long will it take for
your deposit to be worth more than $8000 if
a. The account pays 5 percent actual interest every half-year and is com-
pounded every half-year?
b. The account pays 5 percent nominal interest, compounded semiannually?
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