Nominal and Effective rates C) Shyam invest $800 into an account at the end of each month for 8 years. The annual effective interest rate is 5%. Calculate the balance of this account at the end of 5 years.
Answers
Answered by
1
Answer:
Please don't mind I am increasing my point because I don't have enough points to question.
Answered by
1
Answer
55,698.3
Step-by-step explanation:
1 st year 9600 + 5% = 10,080
2nd year 19680 + 5% = 20664
3rd year 30264 + 5% = 31777.2
4th year 41377.2 + 5% = 43446.0
5th year 53046.0 + 5% = 55698.3
Similar questions