Carol made a deposit of $1027.00 into a bank account that earns interest at 7.9% compounded quarterly. The deposit earns interest at that rate for two years. (a) Find the balance of the account at the end of the period. (b) How much interest is earned? (c) What is the effective rate of interest?
Carol made a deposit of $1027.00 into a bank account that earns interest at 7.9% compounded quarterly. The deposit earns interest at that rate for two years. (a) Find the balance of the account at the end of the period. (b) How much interest is earned? (c) What is the effective rate of interest?
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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