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Snowcat [4.5K]
2 years ago
10

You have $7,600 to deposit. Regency Bank offers 12 percent per year compounded monthly (1.0 percent per month), while King Bank

offers 12 percent but will only compound annually.
How much will your investment be worth in 16 years at each bank? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Regency Bank
King Bank
Business
1 answer:
Goryan [66]2 years ago
8 0

Answer:

Regency Bank : $51,347.27

King Bank : $46,590.99

Explanation:

The formula for calculating future value:

FV = P (1 + r)^mn

FV = Future value  

P = Present value  

R = interest rate  

N = number of years  

m = number of compounding

Regency Bank : $7,600 x (1.01)^(16 x 12) = $51,347.27

King Bank : $7600 x 1.12^16 = $46,590.99

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3 years ago
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c. buying rupees from National Bank at the ask rate and selling them to American Bank at the bid rate.

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During the first year of operations, employees earned vacation pay of $35,000. The vacations will be taken during the second yea
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ROA = 0.08 or 8%

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3 years ago
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