Q.5 A construction engineer invests a sum of $10 000 in a bank at a nominal interest rate of 16% for 10 years. The compounding is quarterly. Find the maturity amount of the deposit after 10 years?

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
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Author:Saeed Moaveni
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Chapter20: Engineering Economics
Section: Chapter Questions
Problem 1P
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Q.5
A construction engineer invests a sum of $10 000 in a bank at a nominal interest rate of 16% for 10 years. The
compounding is quarterly. Find the maturity amount of the deposit after 10 years?
Transcribed Image Text:Q.5 A construction engineer invests a sum of $10 000 in a bank at a nominal interest rate of 16% for 10 years. The compounding is quarterly. Find the maturity amount of the deposit after 10 years?
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