SOLUTION: Find(i) the compound interest and (ii) the effective rate if $1000 is invested for five years at an annual rate of 7% compounded
a) quarterly
b) weekly
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a) quarterly
b) weekly
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Question 1129549: Find(i) the compound interest and (ii) the effective rate if $1000 is invested for five years at an annual rate of 7% compounded
a) quarterly
b) weekly Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! P=Po(1+.07/4)^20 for 5 years at 4 times a year
round at end
$1414.78
weekly is 1000(1+(.07/52))^260=
$1418.73
