Suppose John opens a savings account with $1,000 that compounds interest daily. The APR at the time John deposits the account is 3.5%. He makes no withdrawals or deposits. What is his APR to the nearest hundredth of a percent after 1 year?

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Mathematics

Braiden Bolton

7 September, 12:41

Suppose John opens a savings account with $1,000 that compounds interest daily. The APR at the time John deposits the account is 3.5%. He makes no withdrawals or deposits. What is his APR to the nearest hundredth of a percent after 1 year?

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Morrow · Answer 1

If John opens a savings account with $1,000 that compounds interest daily. The APR at the time John deposits the account is 3.5% and he makes no withdrawals or deposits his APR after 1 year is 1035