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Suppose you deposited $16,000 in a bank account that pays 5.25% with daily compounding based on a 360-day year. How much would be in the
Suppose you deposited $16,000 in a bank account that pays 5.25% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days? Select the correct answer.
a. $16,568.17
b. $16,569.87
c. $16,571.57
d. $16,573.27
e. $16,566.47
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