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How much will horace have in the bank account

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Question: Interest rates are 5.147% p.a. compounded once every two years.

a. What is this expressed as a J2?

b. What is this expressed as a p.a. rate compounded once every three years? Horace Hluhluwe invested $20,000 in a bank account at the above rate thirteen months ago.

c. How much will Horace have in his bank account in seventeen month's time?

d. The bank suggests that Horace transfer his money into the bank's Supersaver account that offers a continuously compounded rate of 4.9% p.a. Should Horace follow the bank's suggestion? Support your answer.

Reference no: EM132757143

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