In problem involving days, a 365-day year is assumed.
Money growth. Refer to Problem 1. The following rates for 60-month certificates of deposit were also taken from BanxQuote websites:
(A) Oriental Bank&Trust, 1.35% compounded quarterly
(B) BMW Bank of North America, 1.30% compounded monthly
(C) BankFirst Corporation, 1.25% compounded daily
Compute the value of $10,000 invested in each account at the end of 5 years.
Problem 1
In problem involving days, a 365-day year is assumed.
Money growth. BanxQuote operates a network of websites providing real-time market data from leading financial providers. The following rates for 12-month certificates of deposit were taken from the websites:
(A) Stonebridge Bank, 0.95% compounded monthly
(B) DeepGreen Bank, 0.80% compounded daily
(C) Provident Bank, 0.85% compounded quarterly
Compute the value of $10,000 invested in each account at the end of 1 year.
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