For each of the following accounts, give the growth factor per compounding period, then give...
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Accounting
For each of the following accounts, give the growth factor per compounding period, then give the annual growth factor and the annual percent change (APY). a. Account A has a 4% APR compounded monthly Preview i. Monthly growth factor: 1.003 ii. Annual growth factor: 1.00659998 Preview iii. APY: 3.65998 % Preview b. Account B has a 3.2% APR compounded daily. Assume there are 365 days in the year. i. Daily growth factor: 008 Preview ii. Annual growth factor: 4.096 Preview iii. APY: 3005 Preview
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