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Calculate the value that would accumulate at year six

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Reference no: EM132988376

You plan to deposit RM300 into a savings account at the beginning of each month for the next six years. Suppose the bank offers:
a) 5% compounded monthly
b) 5% compounded quarterly

Problem 1: Calculate the value that you would accumulate at year 6. Comment on the answers for part (a) and (b). What would happen if the payments were made at the end of each month? Give your comments.

Reference no: EM132988376

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