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OpenStudy (anonymous):
Harold deposits $100 a month into a savings account. His bank informs him that his account has changed from earning interest compounded quarterly to interest compounded weekly. Is this good news for Harold? Justify your answer
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OpenStudy (anonymous):
Yes. Because interest (interest * principal) is added to the principal ($100) at a weekly rate, rather than every quarter. Hence, more money is being "compounded".
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