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Compare the accumulated balance in two accounts that both start with an initial deposit of $1000. Both accounts have an APR of 4.7%, but one
Compare the accumulated balance in two accounts that both start with an initial deposit of $1000. Both accounts have an APR of 4.7%, but one account compounds interest annually while the other account compounds interest daily. Make a table that shows the interest earned each year and the accumulated balance in both accounts for the first 10 years. Compare the balance in the accounts, in percentage terms, after 10 years. Fill out the table below. Paula invests $3900 in an account with an APR of 4.1% and continuous compounding. Petra invests $3500 in an account with an APR of 5.4% and continuous compounding. Complete parts (a) through (c). a. Compute the balance in each account after 5 and 20 years. After 5 years Paula will have a balance of approximately q After 20 years Paula will have a balance of approximately q (Round to the nearest cent as needed.)
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