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Question
Assume that, to help build your nest-egg, you made two deposits of $100, one on January 1, 2014, and one on July 1, 2014, in a savings account that paid 10 percent compounded semiannually. On January 1, 2015, the bank increased the interest rate paid on savings accounts to 12 percent, annual compounding. Then you made a third $100 deposit on April 1, 2015. How much should there be in your account on January 1, 2016?
a. $353.08
b. $349.95
c. $355.27
d. $362.10
e. $338.43
Answer
This answer is hidden. It contains 645 characters.
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