Solved: Calculating future value of a deposit, Finance Basics

Calculating future value of a deposit

Problem:

You have just placed $1,500 in a bank savings deposit and plan to hold that deposit for eight years, earning 5.5 percent per year. If the bank compounds interest daily, what will be the total value of the deposit in eight years? How does your answer change if the bank switches to monthly compounding? Quarterly compounding?

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Finance Basics: Calculating future value of a deposit

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Finance Basics: Calculating future value of a deposit

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