Question: Suppose you deposited $5,000 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 $5,000 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? Choose the closest value. (Hint: You are supposed to calculate FV given PV, I/Y, and N. But you need to fist convert the annual rate and the number of months into the daily rate and the number of days.)

Question 4 options:

A. $5,178

B. $5,436

C. $5,708

D. $5,994

E. $6,294

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