Posted by Denis Borris on November 08, 2002 at 16:20:11:
In Reply to: weekly deposit posted by Steve on November 07, 2002 at 23:40:00:
: Someone deposits $50 each week into a savings account offering 7% interest
: compounded quarterly. What is the balance at the end of 1 year?
: (Note: 1 quarter = 13 weeks).
2 ways to look at this, me boy:
gets NO INTEREST on the weekly deposit; so like 4 quarterly deposits
of $650 (13 * 50)
OR
gets interest on his weekly deposit, calculated using .07/52, accumulated
to end of quarter, then credited
WHAT IS IT??????????????????