Multiple Choice
Mark invested an amount of $1,500 for a period of 2 years at a rate of interest of 5%. In order to have a final balance of $1,653.75, Mark should_____.
A) consume the interest earned at the end of each year
B) reinvest the interest earned at the end of the first year
C) withdraw his principal at the end of the first year
D) invest $100 at the end of the first year
Correct Answer:
Verified
Correct Answer:
Verified
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