First City Bank Computes Interest Semiannually

question 153

Multiple Choice

First City Bank computes interest semiannually.If the interest rate is currently 6 percent per annum,the amount deposited today should be multiplied by which future value factor to calculate the amount that will accumulate by the end of 10 years?

• A) 20 periods at 12 percent
• B) 20 periods at 3 percent
• C) 10 periods at 6 percent
• D) 10 periods at 3 percent

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