Each of A and B both opened recurring deposit accounts in a bank. If A deposited...
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Each of "A" and "B" both opened recurring deposit accounts in a bank. If "A" deposited LR$ 1,300 per month for 3 years and "B" deposited LR$1,500 per month for 2 1/2 years; find out both maturity amount, and who will get more amount and by how much different? The rate of interest paid by the bank is 10% per annum. Please solve it with the annual formula. Note: not the semi- annual formula. Let's assume that Ecobank insured depositors' monies. Joseph, Mary, John, Peter, and Kollie have an account with Ecobank. Mary and John have a join account, while Joseph, Mary, and Kollie have another join account. Peter has Insurance Annuities account, while Joseph and Peter have additional Mutual Funds account. And Peter also has another NOW account. Account Balance $300,000.00 Checking a/c Saving a/c Insurance a/c $230,000.00 $1010,000.00 $250,000.00 $40,000.00 Owners Joseph, Mary, and Kollie Mary and John Peter Mutual Funds a/c Joseph and Peter NOW a/c Peter Instruction: 1. Provide their ownership interests in each of the account. 2. Give the insurance coverage summary as of December 31, 2022. Samuel jones is a customer of UBA and deposited $200.00 dollars in his account. According to money multiplier rules, how much money have been created within the economy if the reserve requirement rate for CBL is 20%? Instruction: 1. Do it with the tabular form Each of "A" and "B" both opened recurring deposit accounts in a bank. If "A" deposited LR$ 1,300 per month for 3 years and "B" deposited LR$1,500 per month for 2 1/2 years; find out both maturity amount, and who will get more amount and by how much different? The rate of interest paid by the bank is 10% per annum. Please solve it with the annual formula. Note: not the semi- annual formula. Let's assume that Ecobank insured depositors' monies. Joseph, Mary, John, Peter, and Kollie have an account with Ecobank. Mary and John have a join account, while Joseph, Mary, and Kollie have another join account. Peter has Insurance Annuities account, while Joseph and Peter have additional Mutual Funds account. And Peter also has another NOW account. Account Balance $300,000.00 Checking a/c Saving a/c Insurance a/c $230,000.00 $1010,000.00 $250,000.00 $40,000.00 Owners Joseph, Mary, and Kollie Mary and John Peter Mutual Funds a/c Joseph and Peter NOW a/c Peter Instruction: 1. Provide their ownership interests in each of the account. 2. Give the insurance coverage summary as of December 31, 2022. Samuel jones is a customer of UBA and deposited $200.00 dollars in his account. According to money multiplier rules, how much money have been created within the economy if the reserve requirement rate for CBL is 20%? Instruction: 1. Do it with the tabular form
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Answer rating: 100% (QA)
1To calculate the maturity amount for both A and B you can use the formula for the future value of a recurring deposit with annual compounding As maturity amount A deposited LR 1300 per month for 36 m... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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