Suppose you make a deposit today in a bank account that pays compounded interest annually. After one
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Suppose you make a deposit today in a bank account that pays compounded interest annually. After one year, the balance in the account has grown.
a. What has caused it to grow?
b. After two years, the balance in the account has grown even more.
What has caused the balance to increase during the second year?
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Related Book For
Financial Management And Analysis (Frank J. Fabozzi Series)
ISBN: 9780471477617
2nd Edition
Authors: Frank J. Fabozzi, Pamela P. Peterson
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