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Bank A offers a nominal annual interest rate of 4% compounded daily, while Bank B offers...

Bank A offers a nominal annual interest rate of 4% compounded daily, while Bank B offers continuous compounding at a 3.4% nominal annual rate. If you deposit $5,000 with each bank, what will be the difference in the two bank account balances after 3 years?

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Answer #1

hence the difference in these banks accounts will be=5637.44192-5536.917359=$100.5298337

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