Determine the amount of money in a savings account at the end of three years,...
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Finance
Determine the amount of money in a savings account at the end of three years, given an initial deposit of $9,000 and an 4 percent annual interest rate when interest is compounded (a) annually, (b) semiannually, and (c) quarterly. (Use a Financial calculator to arrive at the answers. Round the final answers to the nearest whole dollar.)
Future value
a.
Annually
$
b.
Semiannually
$
c.
Quarterly
$
Calculate the effective annual interest rate of each compounding possibility. (Use a Financial calculator to arrive at the answers. Round the final answers to 2 decimal places.)
Effective annual interest rate
a.
Annually
%
b.
Semiannually
%
c.
Quarterly
%
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