A bank customer saved 5000 PLN on the savings account. The deposit lasted for 2 years. For the first 6 months continuous interest rate method was used with the 4,5% nominal interest rate, for the next...


A bank customer saved 5000 PLN on the savings account. The deposit lasted for<br>2 years. For the first 6 months continuous interest rate method was used with the<br>4,5% nominal interest rate, for the next 9 months compound interest rate method<br>was used, and during the last months simple interest rate method was used also<br>with 4,5% nominal interest rate (after each change in the interest method,<br>interest was added to the account balance). Please calculate what was the<br>nominal interest rate in the second period if the profit from the deposit was<br>414,70 PLN after the whole 2 years period?<br>

Extracted text: A bank customer saved 5000 PLN on the savings account. The deposit lasted for 2 years. For the first 6 months continuous interest rate method was used with the 4,5% nominal interest rate, for the next 9 months compound interest rate method was used, and during the last months simple interest rate method was used also with 4,5% nominal interest rate (after each change in the interest method, interest was added to the account balance). Please calculate what was the nominal interest rate in the second period if the profit from the deposit was 414,70 PLN after the whole 2 years period?

Jun 08, 2022
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