Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been paying you 1 percent per month, compounded monthly. Today, you checked the balance, and foundit to be £708.31. Howlong ago did you deposit the £500?
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Q: Some time ago, you put £500 into a bank account for a "rainy day" Since then, the bank has been…
A:
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Q: Some time ago, you put £500 into abank account for a "rainy day." Sınce then, the bank has been…
A:
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Q: Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been…
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Q: end of 5
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- 1. Nick will invest $1,000 in his savings account. His bank pays a yearly interest rate of 6%. a. Determine how much he would have after 61 months using yearly compounding b. Determine how much he would have after 61 months using bi-weekly compounding1. Accumulate P 3,000 for 9 years at 6 percent interest compounded quarterly. How much is the compound interest earned? 2. Determine the nominal rate which if converted quarterly could be used instead of 12 percent compounded monthly. What is the corresponding effective rate?Lino borrows $600,000 with interest at 14% compounded quarterly. He agrees to settle this obligation by a sequence of equal quarterly installments with the first one due at the end of 4 ½ years and the last at the end of 9 years. Find the installment payment. PBlank 1 Blank 1 Add your answer