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How much would you have in the account

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Suppose you decide to deposit $16,000 in a savings account that pays a nominal rate of 16%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after three months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)

Reference no: EM132774651

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