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Company Y deposits $3 million in bank
Company Y deposits $3 million in bank. The interest rate is 12% and is compounded quarterly.
Determine the value of the deposit at the end of the third year.
Expert Solution
Computation of the value of deposit at the end of the third year:-
FV = PV*(1+rate)^n
Here,
n = 3*4 = 12 periods (quarterly)
rate = 12%/4 = 3% (quarterly)
FV = $3,000,000*(1+3%)^12
= $3,000,000*1.42576
= $4,277,282.66 Or $4.28 million
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