Reference no: EM131205642
It is now January 1, 2012. Today you will deposit $1,000 into a savings account that pays 8%.
a. If the bank compounds interest annual, how-much will you have in your account on January 1, 2015 ?
b. What will you January 1,2015, balance be if the bank uses quarterly compounding ?
c. Suppose you deposit $1,000 in three payments of $333.333 each on January 1 of 2013, 2014, and 2015. How much will you have in your account on January 1,2015, based on 8% annual compounding ?
d. How much will be in your account if the three payment begin on January 1,2012 ?
e. Suppose you deposit three equal payments into your account on January 1 of 2013, 2014, and 2015. Assuming an 8% interest rate, how large must your payments be to have the same ending balance as in Part a ?
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: It is now January 1, 2012. Today you will deposit $1,000 into a savings account that pays 8%. If the bank compounds interest annual, how-much will you have in your account on January 1, 2015 ? What will you January 1,2015, balance be if the bank uses..
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