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How much would have in account after six months

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You want to invest $23,000 and are looking for safe investment options. Your bank is offering a certificate of deposit that pays a nominal rate of 10.00% that is compounded semiannually. Your effective rate of return on this investment is ______%

Question 1: Suppose you decide to deposit $23,000 into a savings account that pays a nominal rate of 13.00%, but interest is compounded daily. Based on a 365-day year, how much would you have in your account after six months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)

Option 1: $23,807.33

Option 2: $24,298.20

Option 3: $24,543.64

Option 4: $25,034.51

Reference no: EM132531052

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