On January 1, 1990, $1500 was placed on time deposit at a certain bank. For 10 years the bank allowed 4% interest converted annually. During the next 4 years 3%, converted quarterly, was allowed, and on January 1, 2004 the interest rate allowed on such deposits was reduced to 2.5% converted semi-annually. What was the accumulated value of this original deposit as of January 1, 2005?

Answer rating: 100% (QA)

Solution r R100 r 4100 r 00... View the full answer