Today you are just notified that you won a prize that gives you a total...
80.2K
Verified Solution
Link Copied!
Question
Finance
Today you are just notified that you won a prize that gives you a total of 6 cash awards of $2,000 each, one every 3 months with the first award being made today. You decide to save each of them in the bank and after the last cash award keep all the money saved until a future date. The bank pays a nominal interest rate of 14% but uses quarterly compounding. How much your account with the bank be if you leave the money in the bank to be withdrawn all in 10 years from today? Do not use the $ sign. Use commas to separate thousands. Use to decimals. Round to the nearest dollar. For example if you obtain $1,432.728 then enter 1,433; If you obtain $432.00 then enter 432
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
