Nam opens a savings account with a deposit of $4,000. He deposits $200 at the end of each month for the next three months, and then $400 at the end of each month for the following six months. His bank account balance is $7300 one year after he opened his account. Find annual yield. Answer is .053729. Please show work.
Added by Christopher H.
Step 1
Nam deposited $4000 initially, then $200 for 3 months, and $400 for 6 months. Total deposit = $4000 + ($200 * 3) + ($400 * 6) Total deposit = $4000 + $600 + $2400 Total deposit = $7000 Show more…
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