Homework Answers
Given,
Initial deposit = $11000
interest rate = 12%
t = 3 years,
using formula FV = PV*(1+r/n)^(tn)
a), for annually compounded, n = 1
So, FV = 11000*1.12^3 = $15454.21
b), for semiannually compounded, n = 2
So, FV = 11000*(1+0.12/2)^6 = $15603.71
c). For Quarterly compounded, n = 4
So, FV = 11000*(1+0.12/4)^12 = $15683.37
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