Answered: Will you earn more interest in one year…

Will you earn more interest in one year by depositing $4000 in a simple interest account that pays 7% or in an account that pays 6.9% interest compounded daily? How much more interest will you earn?

Elementary Algebra

17th Edition

ISBN:9780998625713

Author:Lynn Marecek, MaryAnne Anthony-Smith

Publisher:Lynn Marecek, MaryAnne Anthony-Smith

Chapter3: Math Models

Section3.2: Solve Percent Applications

Problem 3.40TI: Susana invested a principal of $36,000 in her bank account with interest rate 6.5%. How much...

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Question

Will you earn more interest in one year by depositing

$4000

in a simple interest account that pays

or in an account that pays

6.9%

interest compounded daily? How much more interest will you earn?

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