Determining the present value of this debt

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1. October 1, 2009, you deposited 5,000 into an account that pays 4.5% interest compounded quarterly.On what date will the account be worth $6,200.

Assume that simple interest is allowed for a fraction of a period. answer should be to the nearest day. Use a 360 day year.

2. 5,000 is due on October 15th of given year

What's the present value of this debt on March 21st of the same year based on interest rate =13% compounded continuously. Use Bankers rule.

Reference no: EM132433802

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