Equal deposits of $4100 are made at the end of each quarter in an account...
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Accounting
Equal deposits of $4100 are made at the end of each quarter in an account which earns 8% compounded monthly for 13 years. a. State the effective rate for 8% compounded monthly to 2 decimal places. Correct: Your answer is correct. % b. Using the value you got for part a, state the equivalent nominal rate converted quarterly to 8% compounded monthly to 2 decimal places. Correct: Your answer is correct. % c. Using the nominal rate from part b, determine the balance of the account at the end of 13 years. $
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