Your bank account pays an interest rate of 6 percent, but this interest is compounded daily (use 365-day basis). You plan to deposit $500 in the account today. You also plan to deposit $1,000 in the account at the end of the next three years. How much will you have in the account at the end of three years?
Your bank account pays an interest rate of 6 percent, but this interest is compounded daily (use 365-day basis). You plan to deposit $500 in the account today. You also plan to deposit $1,000 in the account at the end of the next three years. How much will you have in the account at the end of three years?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 34P
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Your bank account pays an interest rate of 6 percent, but this interest is compounded daily (use 365-day basis). You plan to deposit $500 in the account today. You also plan to deposit $1,000 in the account at the end of the next three years. How much will you have in the account at the end of three years?
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