You deposit $10,000 into an account earning an annual interest rate of 7% compounded each...

70.2K

Verified Solution

Question

Accounting

You deposit $10,000 into an account earning an annual interest rate of 7% compounded each year. In two years, your account will have $11,449. Your brother also deposits $10,000 into an account with the same annual interest rate, but compounded daily. Which of the following is closest to the amount your brother's account will have in two years?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students