State the equivalent nominal rate converted quarterly

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Equal deposits of $1000 are made at the end of each quarter in an account which earns 9.25% compounded monthly for 18 years.

a. State the effective rate for 9.25% compounded monthly to 2 decimal places.

b. Using the value you got for part a, state the equivalent nominal rate converted quarterly to 9.25% compounded monthly to 2 decimal places. %

c. Using the nominal rate from part b, determine the balance of the account at the end of 18 years. $  

d. If no more deposits are made, but the money is left in the account accumulating interest for 4 more years, determine the amount in the account at the end of 22 years.  Hint: Use 9.25% compounded monthly. $

Reference no: EM131333436

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