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Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
Edition 7ISBN: 978-0073376301Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
Edition 7ISBN: 978-0073376301 Exercise 63
Assume that you and your best friend each have $1000 to invest. You invest your money in a fund that pays 10% per year compound interest. Your friend invests her money at a bank that pays 10% per year simple interest. At the end of 1 year, the difference in the total amount for each of you is:
A) You have $10 more than she does
B) You have $100 more than she does
C) You both have the same amount of money
D) She has $10 more than you do
A) You have $10 more than she does
B) You have $100 more than she does
C) You both have the same amount of money
D) She has $10 more than you do
Explanation
Verified
Verified
Compound interest
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Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
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