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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 23
Solve the following application problems. If no interest rate is given, assume
interest compounded daily. Round to the nearest cent.
LOAN COLLATERAL An Italian firm deposited $800,000 in a 2-year time deposit earning 6 compounded daily with a New York bank as partial collateral for a loan. Find (a) the compound amount and (b) the interest earned.
interest compounded daily. Round to the nearest cent. LOAN COLLATERAL An Italian firm deposited $800,000 in a 2-year time deposit earning 6 compounded daily with a New York bank as partial collateral for a loan. Find (a) the compound amount and (b) the interest earned.
Explanation
Verified
Verified
Suppose interest compounded daily.
The ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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