Whoops! In Exercise 11, just as Juanita was about to leave the house for her meeting, her husband, Enrique, learns of her plan and says he is “sure” that the account pays interest compounded continuously. Recompute both the nominal annual interest and effective annual interest, assuming continuous compounding
Six years ago Juanita put 2000 in a special bank account. Today, her account shows 3425. She thinks that this is a good deal and would like to tell her friends about it tonight.The bank is already closed, however, and the only thing she is sure of is that the account pays interest compounded monthly. Compute the nominal annual interest and the effective annual interest for this account.
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