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[DOC File]IN.gov | The Official Website of the State of Indiana
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NO INTEREST 5% DAILY COMPOUNDING Year 1 $ 365 $ 374 Year 5 $ 1,825 $ 2,073 Year 10 $ 3,650 $ 4,735 Year 30 $10,950 $25,415 Saving $5 a day NO INTEREST 5% DAILY COMPOUNDING Year 1 $ 1,825 $ 1,871 Year 5 $ 9,125 $10,366 Year 10 $18,250 $23,677 Year 30 $54,750 $127,077 Special Accounts: Frequently Asked Questions
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[DOC File]Module 8 Notes and Solutions
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1) How much money will a 5 year CD be worth if $1,500 is invested and it earns 6.5% interest that compounds daily? Y = 5, P = 1500, I = .065 and n = 365. 2) Jane invests $2800 in a 3 year CD that earns 5.8% interest which compounds daily. How much money will she have at the end of three years? P = 2800, Y = 3, I = .058 and n = 365.
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[DOC File]Report - in
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Interest can be compounded daily, monthly, or annually. Not all savings accounts are created equal! Let me show you why.” Compound Interest Exercise _____ 5 Slide 5 ( Show Slide 5 (Compound Interest Exercise). ( Explain: “If you deposit $1,000 in an account that has daily compounding, at the end of the first day you would have $1,000.14.
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[DOC File]Simple Interest - UMD
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Thus, the 8.95% account has a higher AER, even though it has a smaller nominal interest rate. (b) Yes, compounding more often yields more interest, thus, the AER increases. (c) Yes. For instance, compound the 9.0% account daily. This way, both accounts are compounded daily so the one with the higher nominal rate will have a higher AER.
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Best daily compounding cd accounts