Solve the application problem. If no interest rate is given, assume 
% interest compounded daily. Round to the nearest cent.
Paul Pierce has $7,000 to deposit in a certificate of deposit but is debating whether to leave it there for 2 years or for 3 years. Assume 40% compounded daily in both situations, and find the compound amount in each case.
A. $7,582.98; $7,897.43
B. $7,582.98; $7,892.43
C. $7,582.98; $15,784.85
D. $7,592.98; $7,892.43
Answer: B
Mathematics
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