Your bank pays 4% annual interest compounded quarterly on January 1, April 1, July 1, and October 1. You deposited $840 on April
1 and made no other deposits or withdrawals. Find your savings account balance on January 1 of the next year.
1 answer:
Deposit: = $600 on 1st April
Futher Depost = $200 on1st July
Interest rate = 2.60% per annum
Compounded = quarterly
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