I need help with a business and finance question

timer Asked: Nov 4th, 2015
account_balance_wallet $5

Question Description

$1,000 compounded annually, semi-annually, and then quarterly for 18 years at an 8% interest rate

Tutor Answer

School: Duke University

Thank you for the opportunity to help you with your question!

If compounded annually then amount = 1000 (1+8/100)^18 = 1000×(26/25)^18 . If compounded semianually then amount = $1000 (1+8/200)^36 and if compounded quarterly then amount = $1000 (1+8/400)^72. Hope you can calculate the amounts. If not able? Let me know.

Please let me know if you need any clarification. I'm always happy to answer your questions.

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Excellent job

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