Voting Theory - OpenTextBookStore
Using I = P0rt, we get 30 = 500·r·1. Solving, we get r = 0.06, or 6%. Since the time was monthly, this is the monthly interest. The annual rate would be 12 times this: 72% interest. 2. d = $5 the daily deposit. r = 0.03 3% annual rate. k = 365 since we’re doing daily deposits, we’ll compound daily. N = 10 we want the amount after 10 years ................
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