Im having trouble with a couple questions Please show work s
I\'m having trouble with a couple questions. Please show work so I can understand. Thanks!
If you deposit $3,000 at the end of every quarter in a savings account that pays a nominal APR of 6% per year, compounded weekly, how much will you have at the end of a year? O $12,275 O $12,895 O $13,785 $14,897Solution
quarterly rate = (1 + 6%/52)13 - 1 = 1.51%
N = 4, PV = 0,PMT = 3000, rate = 1.51%
use FV function in Excel
amount at the end = 12,275
b. effective rate = 1.0265^12 - 1 = 36.87%

