You need to borrow$10,000, which you will pay back in 4 years. Your local bank has the following four loan accounts available:

Regardless of the account chosen, you will not pay back any money until the end of the fourth year. Construct a table showing the projected loan balance (i.e., the amount you owe) for each account at the end of each of the 4 years. If your objective is to repay the least amount of money, which account do you prefer?

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Account Interest (Percent) Interest Type 1 7 Compounded annually 2 7.5 Simple 3 7.5 Compounded annually 4 8.25 Simple