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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 7
Solve the following application problems. If no interest rate is given, assume
interest compounded daily. Round to the nearest cent.
TIME DEPOSIT Wes Cockrell has $4000 to deposit in a certificate of deposit, but he is debating whether to leave it there for 2 years or for 3 years. Assume 2% compounded daily in both situations, and find the compound amount in each case.
interest compounded daily. Round to the nearest cent. TIME DEPOSIT Wes Cockrell has $4000 to deposit in a certificate of deposit, but he is debating whether to leave it there for 2 years or for 3 years. Assume 2% compounded daily in both situations, and find the compound amount in each case.
Explanation
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Suppose interest compounded daily.
Let ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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