The Business Section of the Metropolis Express lists Megabux Bank as paying $4.95$% interest, compounded daily, on a minimum $$10,000$ deposit, for a “yield” (or overall gain) of $5.07$%. Homework Help ✎

1. Compute how much an initial $$10,000$ deposit will be worth after one year at Megabux Bank.

   Hint (a):

   $\text{yield}=\text{initial investment}\left ( 1+\frac{\text{interest rate}}{\text{times compounded per year}} \right )^{\text{times-compounded}}$

2. Confirm the $5.07$% “yield.”

   Hint (b):

   Refer to the hint in part (a).

3. When will the initial $$10,000$ deposit be worth $$15,000$?

   Step (c):

   $15,000=10,000(1.057)^t$