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vovikov84 [41]
3 years ago
13

What is the functions of a commercial bank? Explain.

Business
1 answer:
Goshia [24]3 years ago
6 0

A commercial bank offers products and services such as loans, savings accounts, safety deposit boxes and mutual fund/insurance to individuals and businesses.

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Answer:

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Explanation:

Data provided in the question:

Future value = $60,000

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Now,

Future value = Amount deposited ×  \left( 1 + \frac{r}{n} \right)^{\Large{n \times t}}

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or

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or

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Hence,

The lump sum amount to be deposited should be $27,020.67

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