You just deposited $1,500 in a bank account that pays a 6.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $6,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? O a. $15,543.04 O b. $14,324.75 O c. $13,195.00 O d. $13,594.06 Oe. $14,294.52
You just deposited $1,500 in a bank account that pays a 6.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $6,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? O a. $15,543.04 O b. $14,324.75 O c. $13,195.00 O d. $13,594.06 Oe. $14,294.52
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![You just deposited $1,500 in a bank account that pays a 6.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one
year (4 quarters) from now and another $6,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from
now?
O a. $15,543.04
O b. $14,324.75
Oc. $13,195.00
O d. $13,594.06
Oe. $14,294.52](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F28e3325e-0500-4990-89ee-6ccfc7e31c36%2Fd57f4a45-eef1-49b4-9879-3195ed840840%2Fswk8q4l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You just deposited $1,500 in a bank account that pays a 6.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one
year (4 quarters) from now and another $6,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from
now?
O a. $15,543.04
O b. $14,324.75
Oc. $13,195.00
O d. $13,594.06
Oe. $14,294.52
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