Find net decrease in his yearly income from his investment

Reference no: EM13299336

Paul is a retiree on Social Security and the Income from his investment. Currently, his 100,000 investment in a 1-yr CD is yielding 10.6% interest compounded daily. If he reinvests the principal ($100,000) on the due date of the CD in another 1 -yr Cd paying 9.2% interest compounded daily, find the net decrease in his yearly income from his investment.

Reference no: EM13299336

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