Compounding Saving
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Determine the amount of money in a savings account at the end of five years, given the initial deposit of $5,000 and a 12 percent annual interest rate when interest is compounded (a) annually (b) semiannually, and (c) quarterly
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Solution Summary
The amount of money is determined in a savings account at the end of five years, given the initial deposit of $5,000 and a 12 percent annual interest rate when interest is compounded:
(a) annually
(b) semiannually, and
(c) quarterly
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INPUT PRINCIPAL: 5000
INPUT YEARS: 5
INPUT RATE: 12
(a) ...
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