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wc2005
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1000 is left in a bank account for five years. If it 23 Jul 2008, 08:43
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1000 is left in a bank account for five years. If it receives a (nominal) annual interest rate of 4% a year compounded semi-annually, how much will be in the account at the end of five years?

Thanks again!!!



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sset009
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1000 is left in a bank account for five years. If it 24 Jul 2008, 06:09
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1000 * (1 + annual interest / compound frequency) ^ (number of intervals)

= 1000 * ( 1 + 4%/2) ^ 10

= 1000 * (1 + 2%)^10

= 1219
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LoyalWater
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1000 is left in a bank account for five years. If it 24 Jul 2008, 07:25
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Whats the quickest way of calculating (1 + 2%)^10 ?
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judokan
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1000 is left in a bank account for five years. If it 24 Jul 2008, 07:45
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wc2005
1000 is left in a bank account for five years. If it receives a (nominal) annual interest rate of 4% a year compounded semi-annually, how much will be in the account at the end of five years?

Thanks again!!!
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= 1000*(1 + 4%/2)^10
= 1000*(1.02)^10
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irajeevsingh
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1000 is left in a bank account for five years. If it 25 Jul 2008, 23:35
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Quote:
Whats the quickest way of calculating (1 + 2%)^10 ?
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Answers anyone.....



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Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Quantitative Questions Forum
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Thank you for understanding, and happy exploring!