Unformatted text preview: today in an account that compounds interest continuously with an interest rate of 11%? 3. Samuel puts $150 in a savings account and forgets about it for 10 years. When he ﬁnally checks his balance the account has $450 in it. If the bank compounded interest quarterly, (a) What was the interest rate on the account? (b) What was the eﬀective interest rate (APY)?...
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 Spring '11
 Gentimis
 Finance, Trigonometry, Approximation, Capital accumulation, Saving

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