Examlex
Bill wants to buy a new car in three years from now. He expects that the price of a car will be $15 000 in three years. How much money should Bill put in his savings account now if a bank pays 5% interest rate on this account?
Compounded Semi-annually
A method where interest is calculated and added to the principal amount twice a year.
Quarterly
Happening quarterly or four times annually.
Trust Fund
A legal arrangement through which assets are held by a third party for the benefit of another party or parties.
Compounded Quarterly
The process in which interest is calculated and added to the principal amount every quarter of the year.
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