# 1. You have inherited \$1 million from a wealthy aunt. Her will stipulated that you invest the full..

1. You have inherited \$1 million from a wealthy aunt. Her will stipulated that you invest the full amount in a five-year certificate of deposit. The two most competitive banks in your area are offering the following rates: Bank A, 9.0% per annum with annual compounding; Bank B, 8.7% per annum with monthly compounding. With which bank will your inheritance be worth more at the end of five years? how much more? 2. Using the data for China and Indonesia presented in question 8 of Exercises 3.1 and assuming continuous compounding, calculate the level of each countrys population in 2010. What is

1. You have inherited \$1 million from a wealthy aunt. Her will stipulated that you invest the full amount in a five-year certificate of deposit. The two most competitive banks in your area are offering the following rates: Bank A, 9.0% per annum with annual compounding; Bank B, 8.7% per annum with monthly compounding. With which bank will your inheritance be worth more at the end of five years? how much more? 2. Using the data for China and Indonesia presented in question 8 of Exercises 3.1 and assuming continuous compounding, calculate the level of each countrys population in 2010. What is the ratio of the two countries populations in 2010? How much bigger, in percentage terms, is this ratio than the answer you got using discrete compounding?

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