Ricardo Torres invests $10,000 at 4% compounded daily for 1 year. At the end of the year, Ricardo reinvests the amount in the account for another year at the same rate. He repeats this process for 2 more years. How much money is in the account now?
What if he had invested the $10,000 at 4% compounded daily for 4 years?
What is the difference?
