cammandermock cammandermock

03-01-2023
Mathematics

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A newly hired lawyer receives a $15,000 signing bonus from a law firm and invests the money in a savings account at 4.75% interest. After 42 months, the lawyer checks the account balance.

Part A: Calculate the interest earned, to the nearest dollar, if the interest is compounded quarterly. Show all work, please.

Part B: Calculate the interest earned, to the nearest dollar, if the interest is compounded continuously. Show all work please.

Part C: Using the values from Part A and Part B, compare the interest earned for each account.

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