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The Amount of $6,000 Is Invested at 5% for 3

Question 18

Essay

The amount of $6,000 is invested at 5% for 3 years.
a. Compute the ending balance if the bank calculates simple interest.
b. Compute the ending balance if the bank calculates interest compounded annually.
c. How much more interest is earned in the account with compound interest?

Correct Answer:

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a. $6900
b...

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