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What will be the size of an account after given years

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Reference no: EM131567047

Question: (a) What will be the size of an account after 5 years if $8000 is invested at an annual interest rate of 5% compounded (i) monthly; (ii) daily (with 365 days in a year)?

(b) How long does it take for the $8000 to double with monthly compounding?

Reference no: EM131567047

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