Old Time Savings Bank pays 6.25% interest on its savings account. If you deposit $1,000 in...
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Old Time Savings Bank pays 6.25% interest on its savings account. If you deposit $1,000 in the bank and leave it there: a. How much interest will you earn in the first year? Note: Round your answer to 2 decimal places. b. How much interest will you earn in the second year? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. c. How much interest will you earn in the tenth year? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a. First year interest b. Second year interest c. Tenth year interest $ 62,500.00 Old Time Savings Bank pays 6.25% interest on its savings account. If you deposit $1,000 in the bank and leave it there: a. How much interest will you earn in the first year? Note: Round your answer to 2 decimal places. b. How much interest will you earn in the second year? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. c. How much interest will you earn in the tenth year? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a. First year interest b. Second year interest c. Tenth year interest $ 62,500.00
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