Short Answer
Sumer put $10,000 in a 3-month term deposit at TD Canada Trust, earning a simple interest rate of 3.9% pa. After the 3 months, she invested the entire amount of the principal and interest from the first term deposit in a new 3-month term deposit earning the same rate of interest. How much interest did she earn on each term deposit? Why are the two interest amounts not equal?
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Interest on first term deposit...View Answer
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