Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
Dave invests $3,700 in a savings account at his local bank which gives 3.296 simple
annual interest. He also invests $3,000 in an online savings account which gives
5.9% simple annual interest. After 15 years, which one will have earned more
interest, and how much more interest will it have earned, to the nearest dollar? (Use
I = Prt)
The online account has $879 more than the local bank
b. The online account has $179 more than the local bank
C. The local bank has $776 more than the online account.
d. The local bank: has $345 more than the ontine account.
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