A person is planning to open a retirement account. He plans is to deposit $1,000 per month for next 45 years. This perso
Posted: Wed Jul 06, 2022 5:55 am
A person is planning to open a retirement account. He plans isto deposit $1,000 per month for next 45 years. This person visitsfour local banks and recorded the interest rates:
Bank A) 0.08% per month compounded monthly Bank B) 6.2% per yearcompounded continuously Bank C) 8% per year compoundedmonthly Bank D) 7% per year compounded semi-annuallyDetermine:
Bank A) 0.08% per month compounded monthly Bank B) 6.2% per yearcompounded continuously Bank C) 8% per year compoundedmonthly Bank D) 7% per year compounded semi-annuallyDetermine: