Roy was offered a choice between two interest rates for a loan: 5.13% compounded daily or 5.14%
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Roy was offered a choice between two interest rates for a loan: 5.13% compounded daily or 5.14% compounded monthly. Which one should he choose? (Hint: Assume $1000 for the present value and one year for the time period.) Show your calculations to support your answer.
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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