Essay
Jeanne has just graduated from high school and has received an award for $5,000. She would like to deposit the money in an interest earning account until she graduates from college bank B pays 8 percent interest compounded semiannually. Which is the better offer, and how much will Jeanne have upon graduation from college?
Correct Answer:
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Bank A: n = 4, r = 9%, m = 1
FV = 5,000{...View Answer
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Correct Answer:
Verified
FV = 5,000{...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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