Rework Example 14-7 assuming that John makes automatic deposits of $150 semi-monthly (two times per month) instead of $300 per month.
Reference: Example 14-7.
John has set up an automatic deposit plan between his place of employment and his bank. Every month, $300 is deposited. The bank pays 8% interest, compounded monthly. A competitor bank pays the same interest rate, but offers continuous compounding. Over three years, what would be the monetary gain of using the bank offering continuous compounding?
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