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QUESTION
You inherit $775,000 and decide to invest it for 55 days compounded daily at 6% annual interest. After the 55 days, you are going to invest your...
You inherit $775,000 and decide to invest it for 55 days compounded daily at 6% annual interest. After the 55 days, you are going to invest your new-found money in a startup business.
a) How much interest is earned on this investment?
You can either use the Future Value formula or Table 13-2
