The Martin family recently deposited $1,000 in a bank account that pays a 6 percent nominal interest rate. Interest in the account will be compounded daily (365 days = 1 year). How much will they have in the account after 5 years? A. $1,349.82 B. $1,524.77
The Martin family recently deposited $1,000 in a bank account that pays a 6 percent nominal interest rate. Interest in the account will be compounded daily (365 days = 1 year). How much will they have in the account after 5 years? A. $1,349.82 B. $1,524.77
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 1PROB
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The Martin family recently deposited $1,000 in a bank account that pays a 6 percent nominal interest rate. Interest in the account will be compounded daily (365 days = 1 year).
How much will they have in the account after 5 years?
A. $1,349.82
B. $1,524.77
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