I have been bothered by the interest problem a lot . How to canculate? Below is a typical example :
Mr. Daniel deposits $ 10,000 in a savings certificate earning p percent annual interest compounded quarterly. What is the value of p?
(1) During the term of the certificate , he earns $18more than he would if the interest were not compounded .
(2) He withdraws all the money six months after depositing it .
Please elaborate your answer and the way you get the analogy . Thanks in advance .
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