A customer deposits his money in a bank for 10 million dollars for 2 years. If the deposit interest rate offered by the bank is 8% per year, and the interest calculation system uses a compound interest system that is paid every 3 months. Calculate the value of the customer's deposit at the end of the second year!

A customer deposits his money in a bank for 10 million dollars for 2 years. If the deposit interest rate offered by the bank is 8% per year, and the interest calculation system uses a compound interest system that is paid every 3 months. Calculate the value of the customer's deposit at the end of the second year!

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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