A bank term deposit yields 6% interest, compounded daily. Calculate, showing and briefly explaining your algebraic workings
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Question:
A bank term deposit yields 6% interest, compounded daily. Calculate, showing and briefly explaining your algebraic workings, the interest rate that would ensure the path of the account's value would be equivalent with annual compounding.
Expert Answer:
To find the equivalent interest rate for annual compounding we can use the formula for c... View the full answer
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