How much will you have in the account after 10 years? What is the Effec rate?

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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2) Suppose you deposit $10,000 in a CD paying 5% interest, compounded daily.
How much will you have in the account after 10 years? What is the Effective
rate?
Transcribed Image Text:2) Suppose you deposit $10,000 in a CD paying 5% interest, compounded daily. How much will you have in the account after 10 years? What is the Effective rate?
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