SOLUTION: You deposit 14,000 in an account that pays 6 percent interest compounded quarterly.
A:find the future value after one year.
B:Use the future value formula for simple interest t
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Question 1000686: You deposit 14,000 in an account that pays 6 percent interest compounded quarterly.
A:find the future value after one year.
B:Use the future value formula for simple interest to determine the effective annual yield.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
You deposit 14,000 in an account that pays 6 percent interest compounded quarterly.
A:find the future value after one year.
FV = PV*(1 + 0.06/4)^4
= 14000*1.015^4
=~ 14859.09
----------------------------
B:Use the future value formula for simple interest to determine the effective annual yield.
-------------
simple interest?
--> 1.015^4
=~ 1.06136
--> ~6.136%
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