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Lada Lada
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6 years ago
Yellowknife Savings offers three-year term deposits at 9.125% compounded annually while your credit union offers such deposits at 8.9% compounded quarterly. If you have $3000 to invest, what is the maturity value of your deposit
a) at Yellowknife Savings?
b) at your credit union?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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Replies
wrote...
6 years ago
a) FV = 3000.00(1.09125)3 = 3000.00(1.2994895) = $3898.47
b) FV = 3000.00(1.02225)12 = 3000.00(1.3022232) = $3906.67
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