Paola reads the newspaper article from exercise 32. She really wants to know how different they are
Question:
Paola reads the newspaper article from exercise 32.
She really wants to know how different they are in terms of dollars, not effective annual yield. She decides to compute the future value for accounts at each bank based on a principal of \(\$ 100,000\) that are allowed to grow for 20 years. What is the difference in the future values of the account with the highest effective annual yield, and the account with the second highest effective annual yield?
Data from Exercises 32
Find the present value of \(\$ 1,000,000\) in an account that earns \(6.15 \%\) compounded monthly for the indicated number of years.
40 years
35 years
30 years
25 years
20 years
15 years
Explore what happens when a person deposits money in an account earning compound interest.
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