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Question
You 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?a. $15,234.08
b. $16,035.88
c. $16,837.67
d. $17,679.55
e. $18,563.53
Answer
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