1. You deposit NOK 250,000 in a savings account. The bank offers 0.25% nominal annual interest...

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1. You deposit NOK 250,000 in a savings account. The bank offers 0.25% nominal annual interest rate. How long do you have to leave the money in the account before you have NOK 260,000 in the account? a) At quarterly interest? b) By continuous interest? c) What must the interest rate be if you want to reach the savings target of 10 years by annual return? 1. You deposit NOK 250,000 in a savings account. The bank offers 0.25% nominal annual interest rate. How long do you have to leave the money in the account before you have NOK 260,000 in the account? a) At quarterly interest? b) By continuous interest? c) What must the interest rate be if you want to reach the savings target of 10 years by annual return?

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1 a The account will earn a quarterly interest when the nominal interest is compounded quarterly thu... View the full answer