1. Michael Truman deposits $4,000 in National Bank at 6% compounded quarterly. What is the effective rate (APY) of inter
Posted: Sun Apr 10, 2022 8:45 am
1. Michael Truman deposits $4,000 in National Bank at 6%
compounded quarterly. What is the effective rate (APY) of interest?
(round answer to nearest hundredth)
2. Barry Carr believes that in 20 years he will need
$300,000 to buy a retirement cottage. Assuming he gets an interest
rate of 7% compounded annually, how much will he have to invest
today to purchase the cottage?
compounded quarterly. What is the effective rate (APY) of interest?
(round answer to nearest hundredth)
2. Barry Carr believes that in 20 years he will need
$300,000 to buy a retirement cottage. Assuming he gets an interest
rate of 7% compounded annually, how much will he have to invest
today to purchase the cottage?