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vladimir2022 [97]

2 years ago

12

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:

Fofino [41]2 years ago

4 0

Deposit: = $600 on 1st April

Futher Depost = $200 on1st July

Interest rate = 2.60% per annum

Compounded = quarterly

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