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OpenStudy (anonymous):
Suppose that you have $10,000 to invest over a 3 year period. There are two accounts to choose from: 4% compounded monthly or 3.5% compounded continuously. a. Write the formula for the first account’s compound interest for n compoundings per year. b. Write the formula for the account with continuously compounded interest. c. Use the formulas and information above to solve for the balance of each investment after 3 years. d. Which investment account offers a better return on your money?
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