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On January 28, 2017 Keiko invests $12,000.00 in a savings account paying r (2) = 5.650%. She target amount is $12,120.00 and she will withdraw
On January 28, 2017 Keiko invests $12,000.00 in a savings account paying r(2) = 5.650%. She target amount is $12,120.00 and she will withdraw all her money and close her account on the first day that it contains at least this much. The daycount convention is ACT/365. On what day does he close his account, and how much money does he receive if:
a) The Greedy Bank Method applies.
b) The Theoretical or Continuous Compound Interest Method applies.
c) The Simple or Linear Approximation Method applies.
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