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Businesses deposit large sums of money into bank accounts. Imagine an account with $10 million dollars in it.
a. How much would the account earn in one year of simple interest at a rate of 2.12%? Round to the nearest cent.
b. How much would the account earn in one year at 2.12% if the interest was compounded daily? Round to the nearest cent.
c. How much more interest is earned by interest compounded daily compared to simple interest?

Sagot :

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