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How much will have in account on august

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Question 1: Suppose on January 1 you deposit $1,200 in an account that pays a quoted interest rate of 6.35% (APR), with interest added (compounded) daily. How much will you have in your account on August 1, or after 7 months? (assume N = 212 days) Recall that the interest rate (I/Y) represents the periodic rate based on how many times per YEAR the interest is compounded. Hint, this is 365 times per year.

Reference no: EM132531137

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