You just deposited $15,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? Select the correct answer. O a. 39,677.47 Ob. 39,643.57 O c. 39,666.17 O d. 39,632.27 e. 39,654.87

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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You just deposited $15,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000
to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the
account three years (12 quarters) from now?
Select the correct answer.
a. 39,677.47
b. 39,643.57
c. 39,666.17
d. 39,632.27
e. 39,654.87
Transcribed Image Text:You just deposited $15,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? Select the correct answer. a. 39,677.47 b. 39,643.57 c. 39,666.17 d. 39,632.27 e. 39,654.87
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