Sophia just graduate from university. She was lucky to get paid for dropship she did during...
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Sophia just graduate from university. She was lucky to get paid for dropship she did during her study in the past four years. Her pays were as follow: Year 1 2 3 4 Pay RM 12,000 RM 12,500 RM 11,800 RM 12,700 She has saved the money in a fixed deposit account which pays 6% interest compounded monthly. Calculate Sophia account balance after the last deposit. Sophia just graduate from university. She was lucky to get paid for dropship she did during her study in the past four years. Her pays were as follow: Year 1 2 3 4 Pay RM 12,000 RM 12,500 RM 11,800 RM 12,700 She has saved the money in a fixed deposit account which pays 6% interest compounded monthly. Calculate Sophia account balance after the last deposit.
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Answer First lets convert the intrest rate to effective annual rate Ie 61678 Effective Rat... View the full answer
Related Book For
Managerial Decision Modeling with Spreadsheets
ISBN: 978-0136115830
3rd edition
Authors: Nagraj Balakrishnan, Barry Render, Jr. Ralph M. Stair
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