You get NOK35,000 as a gift for your graduation. You decide to invest this money in a
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Question:
You get NOK35,000 as a gift for your graduation. You decide to invest this money in a bank account.
a. How much do you have after 5 years if the interest rate is 5%?
b. How much do you have after 10 years if the interest rate is 5%?
c. Is the amount of interest that you earn in 10 years exactly equal to twice the amount you earn in 5? Why?
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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