Homework Answers
| Annual rate of interest | 7.20% | |||
| Interest is paid 3 time per year it means interest rate per period = | 2.40% | (7.20%/3) | ||
| Number of period for amount deposited EOY0 = | 9 | periods | (3*3) | |
| Number of period for amount deposited EOY1 = | 6 | periods | (3*2) | |
| Future value of money deposited EOY0 = | Deposit amount * (1+rate per period)^(number of periods) | |||
| Future value of money deposited EOY0 = | 1000*(1+0.024)^9 | |||
| Future value of money deposited EOY0 = | 1237.94 | |||
| Future value of money deposited EOY1 = | Deposit amount * (1+rate per period)^(number of periods) | |||
| Future value of money deposited EOY1 = | 1000*(1+0.024)^6 | |||
| Future value of money deposited EOY1 = | 1152.92 | |||
| Hence, total amount in deposit account at end of 3 years | 2390.86 | (1237.94+1152.92) | ||
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