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Solve the Application Problem

Question 4

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Solve the application problem. If no interest rate is given, assume Solve the application problem. If no interest rate is given, assume interest compounded daily. Round to the nearest cent. -A local business deposited $460,000 in a 2-year time deposit earning 4% compounded daily. At maturity, what is the compound amount and interest earned? A) $508,375.14; $48,375.14 B) $498,309.87; $38,309.87 C) $561,837.59; $101,837.59 D) $518,645.14; $58,645.14 interest compounded daily. Round to the nearest
cent. Solve the application problem. If no interest rate is given, assume interest compounded daily. Round to the nearest cent. -A local business deposited $460,000 in a 2-year time deposit earning 4% compounded daily. At maturity, what is the compound amount and interest earned? A) $508,375.14; $48,375.14 B) $498,309.87; $38,309.87 C) $561,837.59; $101,837.59 D) $518,645.14; $58,645.14
-A local business deposited $460,000 in a 2-year time deposit earning 4% compounded daily. At maturity, what is the compound amount and interest earned?


A) $508,375.14; $48,375.14
B) $498,309.87; $38,309.87
C) $561,837.59; $101,837.59
D) $518,645.14; $58,645.14

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