Suppose you deposited $1,000 in a credit union account that pays 7% with daily compounding and a 365-day year. What is the EFF%, and how much could you withdraw after 7 months, assuming this is...

Suppose you deposited $1,000 in a credit union account that pays 7% with daily
compounding and a 365-day year. What is the EFF%, and how much could you
withdraw after 7 months, assuming this is seven-twelfths of a year? [EFF% = (1 +0.07/365)³⁶⁵
- 1 = 0.07250098 = 7.250098%. Thus, your account would grow
from $1,000 to $1,000 (1.07250098)^0.583333
= $1,041.67, and you could withdraw that amount.]