A bank offers a money market account paying 4.9% interest
Chapter 8, Problem 58(choose chapter or problem)
Assume that the accounts described in the exercises have no other deposits or withdrawals except for what is stated. Round all answers to the nearest dollar, rounding up to the nearest dollar in present value problems. Assume 360 days in a year.
A bank offers a money market account paying 4.9% interest compounded semiannually. A competing bank offers a money market account paying 4.8% interest compounded daily. Which account is the better investment?
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