It is now january 1 2012 today you will deposit 1000 into a, Ask an Expert

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It is now January 1, 2012. Today you will deposit $1,000 into a savings account that pays 8%.

a. If the bank compounds interest annual, how-much will you have in your account on January 1, 2015 ?

b. What will you January 1,2015, balance be if the bank uses quarterly compounding ?

c. Suppose you deposit $1,000 in three payments of $333.333 each on January 1 of 2013, 2014, and 2015. How much will you have in your account on January 1,2015, based on 8% annual compounding ?

d. How much will be in your account if the three payment begin on January 1,2012 ?

e. Suppose you deposit three equal payments into your account on January 1 of 2013, 2014, and 2015. Assuming an 8% interest rate, how large must your payments be to have the same ending balance as in Part a ?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91961655

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