You invest $100 into a CD offering 5% APR with semi-annual compounding (i.e., two times per year).
Fantastic news! We've Found the answer you've been seeking!
Question:
You invest $100 into a CD offering 5% APR with semi-annual compounding (i.e., two times per year).
1) How much money will you have in the account after 1 year?
2) How much money will you have in the account after 2 years?
3) What is the effective annual rate of the saving account?
Related Book For
Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Posted Date: