Erica just deposited $2,500 in a bank account that pays a 4.0% nominal interest

Question

Erica just deposited $2,500 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? Answer                                                   a.            $15,234                             b.            $16,035                             c.            $16,837                             d.            $17,679                             e.            $18,563 Erica just deposited $2,500 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? Erica just deposited $2,500 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? $15,234 $16,035 $16,837 $17,679 $18,563                             a.            $15,234                             b.            $16,035                             c.            $16,837                             d.            $17,679                             e.            $18,563

Explanation / Answer

$16,035 b. $16,035

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