Problem
Ace Zenovia Bank and Trust deposits $2,567,223 of excess capital in the Federal Reserve Bank. If the Fed pays 4% interest compounded daily, how much interest will Zenovia earn by leaving the money on deposit for two years? By how much does assuming continuous compounding change the answer? Contributed by Paul R. McCright, University of South Florida.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.