You consider depositing $1,000 into a savings account, and making no withdrawals until the endof the 5th year. How much you will have in your account after 5 years in each case:
has. 

a. MOON Bank offers a stipulated annual interest rate of 12%, compounded annually

b. SUN Bank offers a stipulated annual interest rate of 11%, compounded semi-annually(2 times a year)

c. STAR Bank offers a stipulated annual interest rate of 10%, compounded monthly(12 times a year)

Answer rating: 100% (QA)

To calculate the future value of your savings account after 5 years with different interest rates an... View the full answer