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Category > Business & Finance Posted 05 Aug 2017 My Price 8.00

Suppose you deposit $5,000

Suppose you deposit $5,000 into an account earning 4 percent interest, compounded monthly. a) How many years will it take for your account to be worth $7,500? b) Suppose in addition to the initial $5,000 deposit, you will make monthly contributions of $50. How many years will it take for the account to grow to $7,500 in this case? c) How does your answer change if you make quarterly deposits of $150 rather than monthly contributions of $50? Explain the reason for any difference in your answer from part b. Maintain the assumption that interest compounds monthly..

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Status NEW Posted 05 Aug 2017 07:08 PM My Price 8.00

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