The following questions illustrate nonannual compounding. a) One hundred dollars is placed in an account that pays
Question:
The following questions illustrate nonannual compounding.
a) One hundred dollars is placed in an account that pays 12 percent. How much will be in the account after one year if interest is compounded annually, semiannually, or monthly?
b) One hundred dollars is to be received after one year. What is the present value of this amount if you can earn 12 percent compounded annually, semiannually, or monthly?
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a Annual compounding 1001 12 1 112 PV 100 N 1 I 12 PMT ...View the full answer
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