Homework Answers
As per the question the rate of return offered by Chase Manhattan Bank on certification of deposit (i) =1.36% = 0.0136
Period of deposit to be untouched (N) = 10 years
Or Penalty on early withdrawal (before 10 year) is =1-2%
Amount deposited (P) = $22,356
The future value of the account after 10 year (F) = P(1+i)N = $22,356(1+0.0136)10
The future value of the account after 10 year (F) =$22,356(1.0136)10 = $25,589.40
The future value of the account, assuming the deposit remains untouched is $25,589.40
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