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Types of interest-bearing accounts

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Reference no: EM131720728

A bank offers two types of interest-bearing accounts. The first account pays 8% compounded quarterly (4 times per year); the second account pays 5% compounded continuously. If you plan to invest $ 1000 for twenty years, which account would be the best choice? (You will need to use a different formula for each account. Set up both equations, simplify each one, and then do a rough comparison of your answers.) Note: (1.02)" = 4.87544

Reference no: EM131720728

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