Question: How much more money would be earned when making a one-time deposit of $3000 into a savings account earning 8.15% interest for 5 years when

How much more money would be earned when making a one-time deposit of $3000 into a savings account earning 8.15% interest for 5 years when it is compounded daily versus the same amount and same interest rate but compounded quarterly for the five years? Amount eamed when compounded daily is s Amount earned when compounded continuously is How much of a difference is this? !! 0.21 !! 6.02 !! 6.21 1: 18.43 !! 450.92 1: 713.02 14484.72 !! 4490.74 !! 4508.96 !! 4509.17 #1 16,273.70 !! 16.986.22 5 6 7 GO 9 10 11 12 13 14

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Hello. I'm looking for some help completing my finance project. (10% total course grade) There are quite a few questions. (40 total) I can check the answers one time before submitting. Hoping for...

To borrow $1,000, you are offered an add-on interest loan at 5 percent. Three loan payments are to be made, one at four months, another at eight months, and the last one at the end of the year....

Interest-on-Interest Consider a $2,900 deposit earning 8 percent interest per year for 11 years. How much total interest is earned on the original deposit (excluding interest earned on interest)?...

32. Your client has been given a trust fund valued at $1.15 million. He cannot access the money until he turns 65 years old, which is in 30 years. At that time, he can withdraw $22,500 per month. If...

View History Bookmarks Develop Windows Help D Sun & Help Save & Sant Check my werk Problem 4-35 Solving for Rates (LG4-7) You wested $2.000 in the stock market one year ago. Today, the investment is...

Problem 4-38 Solving for Rates (LG4-7) What annual rate of return is implied on a $2,500 loan taken next year when $4,000 must be repaid in year 47 (Do not round Intermediate calculations. Round your...

A local furniture store is advertising a deal in which you buy a $3,000 dining room set and do not need to pay for two years (no interest cost is incurred). How much money would you have to deposit...

Present Value and Annuity Payments A local furniture store is advertising a deal in which you buy a $3,000 dining room set and do not need to pay for two years (no interest cost is incurred). How...

1) Common-sized balance sheets A) show data for companies in the same industry. B) show data for companies with approximately the same amount of assets. C) show each balance sheet account as a...

Keenum Company purchased a restaurant building, land, and equipment for $900,000. Keenum paid $100,000 in cash and issued a 20-year, 8 percent note to First Bank for the balance. The appraised value...

Dahlia antique Business sells antiques at antique fairs. Dahlia, the owner shops, and buys inventory at night markets and antique shops. Each time a purchase takes place, Dahlia, the store owner,...

Norman owns a large number of shares in a telecommunications corporation. Despite this, he does not have the right to vote in a meeting held specifically to elect the CEO of the company. In this...

Test Bank for Organizational Behavior: A Practical, Problem - Solving Approach, 3 rd Edition Angelo Kinicki

9-10 In this exercise, youll use database software to develop an application that tracks customer service requests and analyzes customer data to identify customers meriting priority treatment. Prime...

9-13 Why did WIM feel the need to implement an ERP system? Welding Industries Malaysia (WIM) is the only local Malasian company that manufactures welding machines for commercial use. WIMs remarkable...

9-17 What are 3 reasons why a company would want to implement an enterprise resource planning (ERP) system and two reasons why it might not want to do so.