Homework Answers
rate = 12% / 4 = 3%
Number of periods = 5 * 4 = 20
Future value = present value * ( 1 + r)n
Future value = 100 * ( 1 + 0.03)20
Future value = 100 * 1.806111
Future value = $180.61
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QUESTION 56 You deposit$ 100 in a savings account that pays 12%interest compounded annually....
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