Bob puts 10000 into a bank account that has monthly compounding with interest credited at the end of each month The monthly interest rate is 1% for the first 3 months of the account and after that
Bob puts 10,000 into a bank account that has monthly compounding with interest credited at the end of each month. The monthly interest rate is 1% for the first 3 months of the account and after that the monthly interest rate is .75%. Find the balance in Bob's account at the end of 12 months just after interest has been credited. Find the average compound monthly interest rate on Bob's account for the 12 month period.
Apr 14 2020 View more View Less
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