Question: If you promise to leave 30 000 on deposit at the
If you promise to leave $30,000 on deposit at the Dime Savings Bank for four years, the bank will give you a new large, flat-screen Sony TV today and your $30,000 back at the end of four years. How much are you paying today for the TV, in effect, if the bank pays other customers 4% interest compounded quarterly (= 1% paid four times per year)?
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