Suppose you make equal quarterly deposits of $1,000 into a fund that pays interest a rate of 16% per year compounded monthly. The balance at the end of year three is closest to? TT 1=16% A $1000 F=? Years $15070.5 AO None of them O $21940.6 O $12230.4 DO $19070.60

Suppose you make equal quarterly deposits of $1,000 into a fund that pays interest a rate of 16% per year compounded monthly. The balance at the end of year three is closest to? TT 1=16% A $1000 F=? Years $15070.5 AO None of them O $21940.6 O $12230.4 DO $19070.60

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Please show the Formula.

Suppose you make equal quarterly deposits of $1,000 into a fund that pays interest a rate of 16% per year compounded monthly.
The balance at the end of year three is closest to?
ㅠ
1=16%
A $1000
F=?
Years
$15070.5 AO
None of them O
$21940.6 O
$12230.4 O
$19070.60

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