Amy invested 5,300 pesos in an account that pays an annual interest rate of 3.4%, compounded daily. Assume there are 365 days in each year. Find the amount in the account after one year, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest hundredths.

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.