You plan on saving $2,000 at Pinder Bank. Pinder Bank offers you two options on your...
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You plan on saving $2,000 at Pinder Bank. Pinder Bank offers you two options on your savings account. The first option pays 10% p.a. simple interest, and the second option pays 8% p.a. compound interest. If you save for 15 years and do not withdraw from your savings, how much more money will you have in your savings account if you choose the compound interest option instead of the simple interest option? (Round to the nearest two digits) You plan on saving $2,000 at Pinder Bank. Pinder Bank offers you two options on your savings account. The first option pays 10% p.a. simple interest, and the second option pays 8% p.a. compound interest. If you save for 15 years and do not withdraw from your savings, how much more money will you have in your savings account if you choose the compound interest option instead of the simple interest option? (Round to the nearest two digits)
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Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
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