- #1
ranileto
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An amount of $5,000 is due on August 22nd of a leap year. What amount will settle the debt on February 5th of the same year? Assume that interest is compounded daily and use the Banker's Rule.
Please help I do not even know where to start other than the Banker's rule is exact time and ordinary interest! Would really appreciate someone walking me through it or at least explaining how to start it. Thanks!
Please help I do not even know where to start other than the Banker's rule is exact time and ordinary interest! Would really appreciate someone walking me through it or at least explaining how to start it. Thanks!