Quiz Journal
Personal Finance
You found a bank that will pay you 10% interest compounded semiannually. Your current bank pays interest compounded annually. You know from your finance class at ECU that this is a better deal than what you currently have and open a new account with $500. What is the difference earned between the two accounts at the end of 5 years?
You found a bank that will pay you 10% interest compounded semiannually. Your current bank pays interest compounded annually. You know from your finance class at ECU that this is a better deal than what you currently have and open a new account with $500. What is the difference earned between the two accounts at the end of 5 years?
You found a bank that will pay you 10% interest compounded semiannually. Your current bank pays interest compounded annually. You know from your finance class at ECU that this is a better deal than what you currently have and open a new account with $500. What is the difference earned between the two accounts at the end of 5 years?
Answer: $9
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