What is the simple annual interest that is equivalent

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You local bank quotes you an interest rate of 9% compounded monthly.

A) If you deposit $100 today, what amount will your deposit grow to in three months? How about in one year?

B) Suppose that the interest rate is now specified as 9% continuously compounded. How much will $100 grow after three months? After three years?

C) What is the simple annual interest that is equivalent to 9% continuously compounded?

Reference no: EM13848325

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