On January 14, 2019 Eduardo invests $15,000.00 in a savings account paying r(2) = 6.000%....
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Accounting
On January 14, 2019 Eduardo invests $15,000.00 in a savings account paying r(2) = 6.000%. He target amount is $15,150.00 and he will withdraw all his money and close his account on the first day that it contains at least this much. The daycount convention ACT/365. On what day does he close his account, and how much money does he receive if: a) The Greedy Bank Method applies.
b) The Theoretical or Continuous Compound Interest Method applies.
c) The Simple or Linear Approximation Method applies.
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