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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 37
Use the table to solve the following application problems. Round to the nearest cent.
INVESTMENT DECISION Bill Baxter has $25,000 to invest for a year. He can lend it to his sister, who has agreed to pay 10 simple interest for the year. Or, he can invest it with a bank at 6 compounded quarterly for a year. How much additional interest would the simple interest loan to his sister generate?
INVESTMENT DECISION Bill Baxter has $25,000 to invest for a year. He can lend it to his sister, who has agreed to pay 10 simple interest for the year. Or, he can invest it with a bank at 6 compounded quarterly for a year. How much additional interest would the simple interest loan to his sister generate?
Explanation
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Consider the simple interest case.
The ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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