SOLUTION: Peter deposits k450 000.00 with BSP which of fees 4 1/2% per annum interest.
Calculate the interest earned after 4 years if it is
(i)compounded annually
(ii)compounded every thr
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Question 1024477: Peter deposits k450 000.00 with BSP which of fees 4 1/2% per annum interest.
Calculate the interest earned after 4 years if it is
(i)compounded annually
(ii)compounded every three months
Answer by JBarnum(2146) (Show Source): You can put this solution on YOUR website!
I used a calculator to calculate below interest
i is 536,633.37
ii is 538,206.66
referencing: http://www.bankrate.com/calculators/savings/bank-cd-calculator.aspx
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