Business, 02.03.2020 18:11 bluejay62

Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates for below questions:

Katherine deposited $500 in a savings account at her bank. Her account will earn an annual simple interest rate of 6.6%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 13 years?

a. $929.00
b. $429.00
c. $535.18
d. $1,147.66

If Katherine's savings account earns 6.6% compounded annually, all other things being equal, how much money will Katherine have in her account in 13 years?

a. $929.00
b. $533.00
c. $1,147.66
d. $984.69

Suppose Katherine had deposited $500 in a savings account at a second bank at the same time. The second bank also pays a nominal interest rate of 6.6% but with quarterly compounding. Keeping everything else constant, how much money will Katherine have in her account at this bank in 13 years?

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