How much money did they receive this morning

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Reference no: EM13972091

3 years ago, Mr. Jones deposited $5,000 in Regional Bank’s money market account, which offers to pay 8 percent interest compounded annually. At the same time, Mrs. Jones deposited $5,000 in CBS Bank’s money market account, which pays interest of 7.9 percent compounded daily. This morning, both Mr. and Mrs. Jones closed their accounts. Assume 365 days in a year. How much money did they receive this morning?

Reference no: EM13972091

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