18. A man will deposit 200 with a savings bank at the beginning of each 3 months for 9 years. If the bank pays interest at the rate of 5.5% quarterly, find the sum to his credit just after the last deposit. a. 9633 b. 9336 c. 9363 d. 9663

18. A man will deposit 200 with a savings bank at the beginning of each 3 months for 9 years. If the bank pays interest at the rate of 5.5% quarterly, find the sum to his credit just after the last deposit. a. 9633 b. 9336 c. 9363 d. 9663

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 13E

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Question

18 and 19 with solution please

18. A man will deposit 200 with a savings bank at the beginning of each 3
months for 9 years. If the bank pays interest at the rate of 5.5% quarterly,
find the sum to his credit just after the last deposit.
a. 9633
b. 9336
c. 9363
d. 9663
19. If a low cost house and lot worth 87,000 were offered at 10% down payment
and 500 per month for 25 years. What is the effective monthly interest rate
on the diminishing balance?
a. 0.492%
b. 0.942%
c. 0.249%
d. 0.429%

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