Managerial Finance Question Suppose You Have 1 000 And Plan To Purchase A 15 Yea

Managerial Finance question:

1.    Suppose you have $1,000 and plan to purchase a 15-year certificate of deposit (CD) that pays 1.2% annual interest, compounded quarterly. How much will you have when the CD matures?

( You need to convert the annual interest rate 1.2% into the quarterly interest rate, and convert 15 years into 15*4=60 quarters to get correct answer).

 

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"