Question
a) On the same day, Jesse deposits $1,000 in each of the following banks. Bank A pays 12% compounded annually; Bank B pays 12% compounded
a) On the same day, Jesse deposits $1,000 in each of the following banks. Bank A pays 12% compounded annually; Bank B pays 12% compounded semi-annually; Bank C pays 12% compounded quarterly; Bank D pays 12% compounded monthly; Bank E pays 12% compounded daily. If he did not withdraw any money, how much will he have in each bank after 1 year?
b) find the Effective Rate (APR) for each bank in the problem above.
Show all work.
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Discrete Mathematics and Its Applications
Authors: Kenneth H. Rosen
7th edition
0073383090, 978-0073383095
