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Please do both You have $6,800 to deposit. Regency Bank offers 6 percent per year compounded monthly (0.50 percent per month), while King Bank offers
Please do both
You have $6,800 to deposit. Regency Bank offers 6 percent per year compounded monthly (0.50 percent per month), while King Bank offers 6 percent but will only compound annually. How much will your investment be worth in 20 years at each bank? For Regency Bank: For King Bank: Assume a bronze sculpture sold in 2003 at auction for a price of $10,381,845. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,113,967. What was his annual rate of return on this sculpture? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places (e.g., 32.16).)Step by Step Solution
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