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Accounting

Problem:

Suppose an investor deposits $2500 in an interest-bearing account at her local bank. The account pays 2.5% interest compounded daily. If the investor plans on withdrawing the original principal plus accumulated interested at the end of 7 years,

Requirement:

Question: What is the total amount that she should expect to receive assuming interest rates do not change?

Note: Show supporting computations in good form.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168771

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