You Have $ 1,000 Invested In An Account Which Pays 16 Percent Compounded Annually

You have $ 1,000 invested in an account which pays 16 percent compounded annually. A commission agent (called a “finder”) can locate for you an equally safe deposit which will pay 16 percent, compounded semi-annually, for 2 years. What is the maximum amount you should be willing to pay him now as a fee for locating the new account?A. a. $5. 63B. b. $10. 95C. c. $17. 15D. d. $16. 94E. e. $20. 15

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