You deposit $12,000 in an account that pays 6.25% interest compounded quarterly.a. Find the future value after one year (round to nearest dollar).b. Find the effective annual yield. Round to the nearest hundredth of a percent.c. Find the future value after 5 years if it was compounded continuously instead.(round to the nearest dollar)
You deposit $12,000 in an account that pays 6.25% interest compounded quarterly.a. Find the future value after one year (round to nearest dollar).b. Find the effective annual yield. Round to the nearest hundredth of a percent.c. Find the future value after 5 years if it was compounded continuously instead.(round to the nearest dollar)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You deposit $12,000 in an account that pays 6.25% interest compounded quarterly.
a. Find the future value after one year (round to nearest dollar).
b. Find the effective annual yield. Round to the nearest hundredth of a percent.
c. Find the future value after 5 years if it was compounded continuously instead.(round to the nearest dollar)
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