What is bank account worth at the end of the fifth year

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Reference no: EM132654912

Problem 1: If the EAR is known to be 16.08% on a debt that has quarterly payments, what is the APR?

Problem 2: Sharon Marsh just graduated. She plans to work for five years and then leave for the Australian "Outback" Country for an extended vacation. She figures she can save $3,500 at the end of each of the first three years and $5,000 at the end of each of two years after. Her family also gave her a graduation gift today of $2,500. Sharon sets up a savings account that offers her an APR of 7.75% which compounds annually. What is her bank account worth at the end of the fifth year before she heads to Australia?

Reference no: EM132654912

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