Engineering Economy
Engineering Economy
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ISBN: 9781259253294
Publisher: MCGRAW HILL BOOK COMPANY
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Chapter 1, Problem 25P

To attract new customers, EP Employees Credit Union advertised that they will begin paying 3% interest every quarter on all savings accounts. (Their competitors pay interest every 6 months.) The credit union uses March 31st, June 30th, September 30th, and December 31st as quarterly interest periods. Determine (a) the end-of period totals in the account, and (b) the interest paid each quarter on the total. Assume there are no withdrawals and that quarterly interest is not redeposited.

Chapter 1, Problem 25P, To attract new customers, EP Employees Credit Union advertised that they will begin paying 3%

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