A sum of $1,000 deposited at time A sum of $1,000 deposited at time A sum of $1,

Question

1. A sum of $1,000 deposited at time

A sum of $1,000 deposited at time A sum of $1,000 deposited at time Windows Photo Viewer can't open this picture because either Photo Viewer doesn't support this file format, or you don't have the latest updates to Photo Viewer. Windows Photo Viewer can't open this picture because either Photo Viewer doesn't support this file format, or you don't have the latest updates to Photo Viewer. Windows Photo Viewer can't open this picture because either Photo Viewer doesn't support this file format, or you don't have the latest updates to Photo Viewer. Windows Photo Viewer can't open this picture because either Photo Viewer doesn't support this file format, or you don't have the latest updates to Photo Viewer. Windows Photo Viewer can't open this picture because either Photo Viewer doesn't support this file format, or you don't have the latest updates to Photo Viewer.

Explanation / Answer

Rate = 5.5/4 = 1.375 %

FV = 1000*(1+1.375/100)^20 = $1314

Rate = 100/10000 = 0.01 = 1%

Yearly = 12*0.01 = 0.12 = 12 %

ans = 10,000*1.12^2 = $ 12544

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