Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but interest is compounded d

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but interest is compounded d

Post by answerhappygod »

Suppose You Decide To Deposit 24 000 In A Savings Account That Pays A Nominal Rate Of 12 But Interest Is Compounded D 1
Suppose You Decide To Deposit 24 000 In A Savings Account That Pays A Nominal Rate Of 12 But Interest Is Compounded D 1 (8.63 KiB) Viewed 34 times
Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after four months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.) O $25,479.16 $24,230.18 O $24,979.57 O $26,478.34
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”