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A Savings Account Pays 1% Annual Interest, Compounded Daily

Question 80

Multiple Choice

A savings account pays 1% annual interest, compounded daily. When interest is compounded daily, the interest owed is calculated every day and added to the account. The initial investment is $2000. The money is kept in the savings account for two years. Choose the best estimate for the value of the investment after two years.


A) $2012
B) $2112
C) $2240
D) $2040

Correct Answer:

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