Businesses deposit large sums of money into bank accounts. Imagine an account with $10 million in it.
Question:
Businesses deposit large sums of money into bank accounts. Imagine an account with $10 million in it.
a. How much would the account earn in 1 year of simple interest at a rate of 2.12%? Round to the nearest cent.
b. How much would the account earn in 1 year at 2.12% if the interest was compounded daily? Round to the nearest cent.
c. How much more interest is earned by interest compounded daily compared to simple interest?
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Answer The account will earn in one year the amount ...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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