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gewusel gewusel
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5 years ago
RBC offers three-year term deposits at 3.125% compounded annually while Meridian credit union offers such deposits at 3.05% compounded quarterly. If you invest $23 000 at RBC and the same amount at Meridian, what is the maturity value of your deposit at each bank?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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josanjosan
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5 years ago
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More solutions for this book are available here
At RBC, FV = 23000.00(1.03125)3 = 23000.00(1.0967102) = $25 224.33
At Meridian, FV = 23000.00(1.007625)12 = 23000.00(1.09543651) = $25195.04
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gewusel Author
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5 years ago
Brilliant ツ
AlahuKakpar
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Yesterday
Thank you, thank you, thank you!
Holly72492
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2 hours ago
Thanks
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