Question: ( Continuous compounding, 1 1 ) Suppose you have $ 1 million and you can invest it in a bank account that pays interests at

(Continuous compounding, 11) Suppose you have $1 million and you can invest it in a bank account that pays interests at an annual percentage rate (APR) of 5%. You want to invest your $1m for 3 years. (a). Suppose you are allowed to reinvest the interest at the end of every year (i.e., annual compounding). What is the balance of your account at the end of year 3?(2)(b). Suppose you are allowed to reinvest the interest at the end of every month (i.e., monthly compounding). What is the balance of your account at the end of year 3?(2)(c). Suppose you are allowed to reinvest the interest at the end of every day (i.e., daily compounding). What is the balance of your account at the end of year 3?(Assume there are 365 days in a year.)(2)(d). Suppose you are allowed to reinvest the interest at the end of every hour (i.e., hourly compounding). What is the balance of your account at the end of year 3?(Assume there are 365 days in a year and 24 hours in a day.)(2\

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