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Suppose That You Have $3000 on Deposit at Your Bank

question 12

Short Answer

Suppose that you have $3000 on deposit at your bank at an annual rate of 1.3%. If the bank compounds continuously, what is the balance of your account after two years? Round to nearest cents.


Definitions:

Regulatory Forces

External rules and regulations imposed by governing bodies that affect how businesses operate and interact with customers.

F. Hoffman-LaRoche Ltd.

A global pharmaceutical and diagnostics company that focuses on advancing science to improve people's lives.

BASF AG

A leading global chemical company headquartered in Ludwigshafen, Germany, known for its vast range of products across multiple industries.

Price Fixing

An illegal agreement among competitors to maintain the price of a product or service at a fixed or coordinated level, restricting competition.

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