Melody

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यूजर का नामMelody
स्कोर118691
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Melody  11 Feb 2022
 #72
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This was the question.
(a) Philip inherited $170,000. He invested it in a term deposit which earned 6.6% p.a. compounding every 4 months
How much did it grow to after 5 years?
(b) If you can do this one maybe you could tell me how much it would grow to after 6 years
(c) How much will it grow after 1/3 years.
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Answer for all three of the above questions seperately. Don't worry about anything else. Just answer these questions properly.

1.What is the annual rate of interest for a? b ? c? Your answers were all 6.6%
2.how long is the compounding period. That is how often is the interest added. a? b? c?
3.for each of them, how many times per year is the interest added a? b ? c? Your answers for all of them was 12/ 4 = 3 (There are 3 'nets' each holding 4 months in a year)
4.What is the interest rate for each compounding period a? b? c? (This is r) Your answer for all of them was r = 0.066 / 3 = 0.022
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I can see where you may have got the number 3 from but 4 months is clearly written in the question!
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I suspect that you are not trying your hardest anymore. Perhaps you are more interested in watching the number of posts and the number of views grow.
I don't actually mind this, I find it entertaining as well.
You could keep posting genuine questions and genuine answers (that you have thought about properly) for ever, and then site numbers would grow huge.
Then you would not only have the largest number of posts and views, but the numbers would be even cooler because the posts would be genuine.
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Now, pull your socks up, and please tell me why I asked these four questions, and what I wanted you to understand after you answered them.
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8 Jan 2014