5,000 is deposited today into a bank account. The account earns 3.9% per annum compounded half...
5,000 is deposited today into a bank account. The account earns 3.9% per annum compounded half yearly for the first 4 years, then 8.9% per annum compounded quarterly thereafter. Assuming no further deposits or withdrawals are made, (a) Calculate the account balance six months from today.
Homework Answers
a.
Initial Deposit = $5,000
For first 4 years,
APR(semi-annually) = 3.90%
Calculating Account Balance in 6 months,
Future Value = PV(1 + r)t
Future Value = 5,000(1 + 0.039/2)1
Future Value in 6 months = $5,097.50
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