How much interest will zenovia earn by leaving

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Reference no: EM131807698

Ace Zenovia Bank and Trust deposits $2,567,223 of excess capital in the Federal Reserve Bank. If the Fed pays 4% interest compounded daily, how much interest will Zenovia earn by leaving the money on deposit for two years? By how much does assuming continuous compounding change the answer? Contributed by Paul R. McCright, University of South Florida.

Reference no: EM131807698

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