A person has $4000 in a savings account at the beginning of calendar year; the bank pays interest at6% per year compounded quarterly. What is the balance in the account at the end of the calendaryear?DateJan. 10Feb. 20Apr. 12May 5May 13May 24June 21Aug. 10Sept. 12Nov. 27Dec. 17Dec. 29$5.200.34$5.601.21$10.500.45Table 4-1Effective Date DepositJan. 1Mar. 31Apr. 1June 30June 30Apr. 1Apr. 1Sept. 30July 1Oct. 1Dec. 31Oct. 1$12006511516002300Withdrawal$ 175150050250800350750

The most basic kind of bank accounts are savings accounts. People often deposit their savings in…

A person has $4000 in a savings account at the beginning of calendar year; the bank pays interest at 6% per year compounded quarterly. What is the balance in the account at the end of the calendar year? WayStat

A person has $4000 in a savings account at the beginning of calendar year; the bank pays interest at 6% per year compounded quarterly. What is the balance in the account at the end of the calendar year? WayStat

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

A person has $4000 in a savings account at the beginning of calendar year; the bank pays interest at
6% per year compounded quarterly. What is the balance in the account at the end of the calendar
year?
Date
Jan. 10
Feb. 20
Apr. 12
May 5
May 13
May 24
June 21
Aug. 10
Sept. 12
Nov. 27
Dec. 17
Dec. 29
$5.200.34
$5.601.21
$10.500.45
Table 4-1
Effective Date Deposit
Jan. 1
Mar. 31
Apr. 1
June 30
June 30
Apr. 1
Apr. 1
Sept. 30
July 1
Oct. 1
Dec. 31
Oct. 1
$1200
65
115
1600
2300
Withdrawal
$ 175
1500
50
250
800
350
750

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