Businesses deposit large sums of money into bank accounts. Imagine an account with 10 million dollars in
Question:
a. How much would the account earn in one year of simple interest at a rate of 5.12%?
b. How much would the account earn in one year at 5.12% if the interest was compounded daily?
c. How much more interest is earned by interest compounded daily compared to simple interest?
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a I prt 10000000 005121 51...View the full answer
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Related Book For 
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
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