Question: Answer the following and show complete solutions. The correct answer is exactly one of the choices there, so please show your calculations. The answer is
Answer the following and show complete solutions. The correct answer is exactly one of the choices there, so please show your calculations. The answer is there in the choices.
Sam deposits $1,566.18 in a bank account paying i(365)=6.250%.259 days later, the interest rate changes to i=1.225%.. How much money does he have in his bank account exactly 1 year after opening it? (No dates or daycount convention are given, so use theoretical time; i.e. 1 year =365 days =52 weeks =12 months etc. and count time in periods.) a. $1,593.74 b. $1,643.03 c. $1,577.31 d. $1,560.88 e. $1,528.02
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