)If the same two $15,000 deposits are made (at time 0 and end of year 4) into a different account that earns a nominal annual interest rate of 8.4% compounded guartery, in which account should the money be deposited in order to earn more interest?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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b) If the same two $15,000 deposits are made (at time 0 and end of year 4) into a different
account that earns a nominal annual interest rate of 8.4% compounded guarterly, in which
account should the money be deposited in order to earn more interest?
Transcribed Image Text:b) If the same two $15,000 deposits are made (at time 0 and end of year 4) into a different account that earns a nominal annual interest rate of 8.4% compounded guarterly, in which account should the money be deposited in order to earn more interest?
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