Concept explainers
Simple interest (H). Suppose you deposit $500 into a savings account that earns 2% simple interest per year (simple interest means that there is no compounding). After one year, you close out the account and withdraw all the money. How much money would you have? How would you react if the bank charged you an $11 processing fee for that transaction?
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The Heart of Mathematics: An Invitation to Effective Thinking
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