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please do it in 40 minutes please urgently... I'll give you up thumb definitely Problem 2. On January 1, 1995, an investor opened a savings
please do it in 40 minutes please urgently... I'll give you up thumb definitely
Problem 2. On January 1, 1995, an investor opened a savings account at Bank A with a deposit of $3,000 earning simple interest at an annual rate of 5.0%. At the end of business on December 31,2003 the investor closed the account and invested the accumulated amount in a savings account at Bank B earning 7.0% annual effective rate of interest on a compound interest basis. (1) (5 points) What should the balance be in the investor's savings account on December 31,2009 ? (2) (5 points) On January 1, 2020, the investor receives a letter from Bank B stating that an internal audit has discovered that interest was overcredited by 1% during the year ending December 31,2006 and undercredited by 1% during December 31,2009.1 Based on this information, what should be the balance be in the investor's savings account on December 31,2009Step by Step Solution
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