Concept explainers
Savings and interest. A sum of $1000 is deposited in a savings account for which interest is compounded monthly. Future value A is a function of the annual percentage rate r and the term t, in months, and is given by
Determine
What is the interest earned for the rate and term in part (a)?
How much more interest can be earned over the same term as in part (a) if the APR is increased to 5.75%?
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