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Mathematics, 23.10.2020 06:01 kelseeygee
Chaim has won $5,000 and wants to save it towards buying a house in six years when he finishes his law degree. He has the choice between an account which compounds daily (so n=365) with an APR of 7% and another which also has a 7% APR but compounds quarterly (so n=4). How much more interest will he earn if he chooses the first account? Chaim will earn $ more by choosing the first account. (Enter an answer rounded to two decimal places.)
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