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Mr. Richard has Rs. 70,000 that he can deposit

01 / 10 / 2021 Projects

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Mr. Richard has Rs. 70,000 that he can deposit

Mr. Richard has Rs. 70,000 that he can deposit in savings accounts of any of three banks A, B or C for a three year period.Bank A compounds interest on an annual basis;Bank B compounds interest semi-annually (twice each year); andBank C compounds interest quarterly (four times each year).All three banks have a stated annual interest rate of 12%.REQUIRED :How much Mr. Richard will have in his account after three years if he deposits his money in Bank A ? How much he will have in his account after three years if he deposits his money in Bank B ?How much he will have in his account after three years if he deposits his money in Bank C ?On the basis of your findings in above parts, describe in which bank should Mr. Richard invest his money and why ?



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