Solved

Use the Compound Interest Formula for Compounding More Than Once

Question 59

Multiple Choice

Use the compound interest formula for compounding more than once a year to determine the accumulated balance afterthe stated period.
-$1200 deposit at an APR of 2% with quarterly compounding for 2 years


A) $1248.48
B) $1212.03
C) $1248.00
D) $1248.85

Correct Answer:

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