On January 1, 1990, $1500 was placed on time deposit at a certain bank. For 10 years
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On January 1, 1990, $1500 was placed on time deposit at a certain bank. For 10 years the bank allowed 4% interest converted annually. During the next 4 years 3%, converted quarterly, was allowed, and on January 1, 2004 the interest rate allowed on such deposits was reduced to 2.5% converted semi-annually. What was the accumulated value of this original deposit as of January 1, 2005?
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Using Microsoft Excel and Access 2016 for Accounting
ISBN: 978-1337109048
5th edition
Authors: Glenn Owen
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