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Businesses deposit large sums of money into bank accounts. Imagine an account with 10 million dollars in it.
a. How much would the account earn in one year of simple interest at a rate of 5.12%?
b. How much would the account earn in one year at 5.12% if the interest was compounded daily?
c. How much more interest is earned by interest compounded daily compared to simple interest? |
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