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On February 1st you deposit $6,500 in a savings account that pays a quoted interest rate of 1.35% (APR), with interest added (compounded) daily. How
On February 1st you deposit $6,500 in a savings account that pays a quoted interest rate of 1.35% (APR), with interest added (compounded) daily. How much will you have in your account on December 1, or after 10 months? (assume N = 304 days) Recall that the interest rate (I/Y) represents the periodic rate based on how many times per YEAR the interest is compounded, hint, this is 365 times per year.
N = ______
I/Y = ________
PV = ________
PMT = ________
FV = __________
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