Compound Interest
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You have found three investment choices for a one year deposit. Compute the EAR for 10% APR compounded monthly, 10% APR compounded annually and 9% compounded daily. Compute the EAR for each investment choice (assume that there are 365 days in the year).
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Solution Summary
This solution provides step-by-step information on how to calculate interest earned for accounts compounded monthly, annually, and daily. Attachment included.
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