Suppose you deposit $100 in a savings account that compounds annually at 2%. After 1 year at this rate, the bank changes its rate of compounding to 1.5% annually.
4-4- Suppose you deposit $100 in a savings account that compounds annually at 2%. After 1 year at this rate, the bank changes its rate of compounding to 1.5% annually. Assuming the compounding rate does not change for 4 additional years, how much will your account be worth at the end of the 5-year period?
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