Assume $20,000 is deposited into a savings account. Bedford Bank offers an annual rate of 1% simple

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Assume $20,000 is deposited into a savings account. Bedford Bank offers an annual rate of 1% simple interest for 5 years. Slick Bank offers a rate of 5.1% simple interest for 1 year. Which earns more interest?

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Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

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Question Posted: Sep 12, 2022 03:00 AM

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Assume $20,000 is deposited into a savings account. Bedford Bank offers an annual rate of 1% simple

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We will find the interests for both of them and then check which bank ...View the full answer

Financial Algebra Advanced Algebra With Financial Applications

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