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You have just placed $1,500 in a bank savings deposit and plan to hold that deposit for eight years, earning 5-1/2 percent per annum

You have just placed $1,500 in a bank savings deposit and plan to hold that deposit for eight years, earning 5-1/2 percent per annum
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Solution Guide / Answer Key:

FINANCE

FIN 350 Module 2: Assignments

Chapter 6 Problems and Issues 6

6. You have just placed $1,500 in a bank savings deposit and plan to hold that deposit for eight years, earning 5-1/2 percent per annum. If the bank compounds interest daily, what will be the total value of the deposit in eight years? How does your answer change if the bank switches to monthly compounding? Quarterly compounding?

 

FILE: MS WORD

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