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I need to know how to work out the problem by hand. Thanks for any and all help! 1) You deposit $1,000 in a bank
I need to know how to work out the problem by hand. Thanks for any and all help!
1) You deposit $1,000 in a bank for one month. The annual interest rate is 10%. (Use this for all 3 questions) What is your account balance at the end of the second month if bank pays interest once per month? a)990.74 b)1016.74 c) 1018.74 d)1020.74 What is your account balance at the end of the second month if bank pays interest four times per month? a)1016.79 b)1018.79 c)1019.79 d) 1020.79 What is your account balance at the end of the second month if bank pays interest continuously? a) 1000* exp (0.1/365) b) 1000*exp (0.1/12) c) 1000*exp (0.1/6) d)1000*exp (0.1/2)Step by Step Solution
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