Help in business and finance

User Generated

cnhy_tnzol

Business Finance

Description

$1,000 at an 18% interest rate compounded quarterly, semi-monthly, and monthly, for a period of 18 years.

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Explanation & Answer

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compounded quarterly,

CI = 22788.82$ , Total amount = 23788.82$

compounded monthly,

A = P(1+r/n)^nt = 1000[1+0.18/12]^12*18 = 24,926.72 $

compounded semi-monthly,

A = P(1+r/n)^nt = 1000[1+0.18/24]^24*18 = 25,226.88 $ 

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


Anonymous
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