Posted by Steve on November 09, 2002 at 00:10:34:
In Reply to: whadya mean? posted by Denis Borris on November 08, 2002 at 16:20:11:
: : 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??????????????????
Sorry. Interest is earned weekly and compounds quarterly.