It is now January 1, 2001. You plan to make only 5 deposits of
$500 each,...
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Accounting
It is now January 1, 2001. You plan to make only 5 deposits of$500 each, one every 6 months, with the first payment being madetoday. If the bank pays a nominal interest rate of 10%, but usessemiannual compounding, how much will be in your account after 5years?
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Compounding frequency 2 As the compounding will be done semi annually ie two times a year So Rate of interest used 102 5 Balance where
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