Question: Juan Mendez has just opened a savings account that pays
Juan Mendez has just opened a savings account that pays interest at a 4 percent annual stated rate, compounded semiannually. If he puts $1,000 in the account, how much will he get back a year later? After he opened the account, Juan learned that another account was also available that quoted a rate of 4.25 percent, compounded annually; now he isn’t sure whether he got the best deal. Did he?
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