If you deposited $5,000 in your saving account three years ago and you will collect them now as $5,955.08:a. What was your account interest for the past three years? Use excel sheet to show your calculations, take a snap shot and paste it in the MS Word answer document.b. Using the same interest rate that you calculated if you left your money in the bankhow long would it take for the initial deposited amount to double?c. Use the tables in the back of the book to find the discount factor of an institution that provides 11% compound interest after 6 years of investment. Whichinstitution would you prefer, this one or the first one? Why? (Tables page has been attached)
This question was answered on: Sep 21, 2023
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