You have just deposited $1000 in an unusual bank account that pays interest biannually (once every 2
Question:
You have just deposited $1000 in an unusual bank account that pays interest biannually (once every 2 years). If the 2-year interest rate is 10% (total interest over 2 years is 10%, not 10% per year), how much will you have in the account after 6 years?
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This scenario involves compound interest earned biannually twice a year Heres how to calcul...View the full answer
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Related Book For 
Fundamentals Of Corporate Finance
ISBN: 9781292437156
5th Global Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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