Multiple Choice
Planters Bank pays 5 percent simple interest on its savings account balances,whereas Centura Bank pays 5 percent compounded annually.If you made a $12,000 deposit in each bank,how much more money would you earn from your Centura Bank account at the end of 20 years?
A) $7,155.84
B) $7,839.57
C) $7,960.47
D) $8,400.09
E) $8,784.14
Correct Answer:
Verified
Correct Answer:
Verified
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