Solve the application problem. If no interest rate is given, assume
% interest compounded daily. Round to the nearest cent.
A local business deposited $460,000 in a 2-year time deposit earning 4% compounded daily. At maturity, what is the compound amount and interest earned?
A. $518,645.14; $58,645.14
B. $561,837.59; $101,837.59
C. $498,309.87; $38,309.87
D. $508,375.14; $48,375.14
Answer: C
Mathematics
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