Question

A wise student decides to invest $400 from his
summer earnings in a 8-year CD. In his home
town all banks pay the same annual nominal
interest rate of 7%, but bank A compounds
annually, bank B compounds quarterly, while
bank C compounds daily
Determine how much his CD would be
worth at maturity in each of the banks.

1.
AA = $687.274 ,
AB = $696.885 ,
AC = $700.231
2.
AA = $637.539 ,
AB = $644.13 ,
AC = $646.404
3.
AA = $740.372 ,
AB = $753.816 ,
AC = $758.539
4.
AA = $624 ,
AB = $675.584 ,
AC = $699.969
5.
AA = $859.093 ,
AB = $871.107 ,
AC = $875.28