net income of $580,900 in a savings account for 2 years and 4 months. Calculate the amount it would have in this account at the end of the period and the interest earned if money was earning interest at a rate of 6.25% compounded quarterly. Peter borrowed $28,000 from a local bank at 5% compounded monthly to start a cafe on a university campus. After two years, the interest rate on the debt changed to 5% compounded daily. What would be the accumulated amount of the debt in four years?

AppendixLO1