Mr. X deposited $1,500 in a savings account at the local bank and went on assignment overseas.
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Question:
Mr. X deposited $1,500 in a savings account at the local bank and went on assignment overseas. After two years, he returned and noticed he had $1,800 in his account. What annual effective rates of interest had the bank given him if they compounded the interest quarterly? What if they compounded annually?
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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