Multiple Choice
You plan to invest $2,500 in a money market account which will pay an annual stated (simple) interest rate of 8.75 percent,but which compounds interest on a weekly basis.If you leave this money on deposit for one year (52 weeks) ,what will be your ending balance when you close the account?
A) $2,583.28
B) $2,611.72
C) $2,681.00
D) $2,703.46
E) $2,728.50
Correct Answer:
Verified
Correct Answer:
Verified
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