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You inherit $45,000 and decide to invest it for 90 days compounded daily at 9% annual interest.

You inherit $45,000 and decide to invest it for 90 days compounded daily at 9% annual interest. After the 90 days, you are going to invest your new-found money in a startup business

a)   How much interest is earned on this investment?

Top Answer

Note that the compound interest formula is given by Amount = P(1+r) n Where P is the... View the full answer

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The interest after 90... View the full answer

Daily Compound Interest = Principal [1+ (Rate/365) ] days  - Principal  =... View the full answer

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