person to start a project 8 years ago placed a deposit of ¢ 1,500,000.00 in a financial institution that recognized him during the first 3 years a 5% capitalizable monthly, 2 following years an 8% capitalizable quarterly, and the rest of the term a 7% capitalizable bimonthly, it is requested to make and determine: a) How much do I accumulate in the total term of the investment?  b) Do you calculate the effective annual rate that produced the inve

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A person to start a project 8 years ago placed a deposit of ¢ 1,500,000.00 in a financial institution that recognized him during the first 3 years a 5% capitalizable monthly, 2 following years an 8% capitalizable quarterly, and the rest of the term a 7% capitalizable bimonthly, it is requested to make and determine:
a) How much do I accumulate in the total term of the investment? 
b) Do you calculate the effective annual rate that produced the investment?

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