Calculate the final balance on each bank account after making deposits in them with the following...

 

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Calculate the final balance on each bank account after making deposits in them with the following terms: A) A bank account that pays 3.4% per yearly period (i.e. the EAR) for the next 3 years in total. If you deposit $1 into a bank account that pays 3.4% per year for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places) B) A bank account that pays 2.9% every 6-month period for the next 3 years in total. If you deposit $1 into a bank account that pays 2.9% every 6 months for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places) C) A bank account that pays 7.7% per 18-month period for the next 3 years in total. If you deposit $1 into a bank account that pays 7.7% every 18 months for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places) D) A bank account that pays 0.31% per monthly period for the next 3 years in total. If you deposit $1 into a bank account that pays 0.31% per month for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places) Calculate the final balance on each bank account after making deposits in them with the following terms: A) A bank account that pays 3.4% per yearly period (i.e. the EAR) for the next 3 years in total. If you deposit $1 into a bank account that pays 3.4% per year for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places) B) A bank account that pays 2.9% every 6-month period for the next 3 years in total. If you deposit $1 into a bank account that pays 2.9% every 6 months for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places) C) A bank account that pays 7.7% per 18-month period for the next 3 years in total. If you deposit $1 into a bank account that pays 7.7% every 18 months for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places) D) A bank account that pays 0.31% per monthly period for the next 3 years in total. If you deposit $1 into a bank account that pays 0.31% per month for 3 years, the amount you will receive after 3 years is $ (Round your answer to five decimal places)

Answer rating: 100% (QA)

To calculate the final balance on each bank account we can use the compound interest formula Final B... View the full answer