Problemyou have 5000 to deposit regency bank offers 15, Ask an Expert

Accounting

Problem:

You have $5,000 to deposit. Regency Bank offers 15 percent per year compounded monthly (1.25 percent per month), while King Bank offers 15 percent but will only compound annually.

Required:

Question 1: How much will your investment be worth in 20 years at Regency Bank?

Question 2: How much will your investment be worth in 20 years at King Bank?

Note: Please provide through step by step calculations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171696

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