Starting today, I intend to post a challenge each week, that you can refer to test your skills. All challenge questions shall be solvable using Valuation App, which can be downloaded on Android and iOS devices. The solution to this challenge shall be posted tomorrow. I hope you enjoy this and can provide me with with feedback, tips and potential challenge questions you would like for me to share. My email is firstname.lastname@example.org.
Steve makes a deposit of $12,000 in a bank account. The deposit is to earn interest annually at the rate of 9 percent for 7 years.
- How much will Jim have on deposit at the end of seven years?
- Assuming the deposit earned a 9 percent rate of interest compounded quarterly, how much would he have at the end of seven years?