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Question
You plan to invest $2,500 in a money market account which will pay an annual stated (simple) interest rate of 8.75 percent, but which compounds interest on a weekly basis. If you leave this money on deposit for one year (52 weeks), what will be your ending balance when you close the account?
a. $2,583.28
b. $2,611.72
c. $2,681.00
d. $2,703.46
e. $2,728.50
Answer
This answer is hidden. It contains 217 characters.
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