Question: 1. 5 pts. Let's explore more on simple interest. In class, we looked at simple interest as a fixed fee earned per year on your

1. 5 pts. Let's explore more on simple interest. In class, we looked at simple interest as a fixed fee earned per year on your investment. Simple interest can also be calculated based on a percentage of the initial balance. Consider the following two situations: 1. You make a $1000 investment into an account that earns 2% simple interest annually. 2. You borrow $1000 from a bank that charges a simple interest of 2% annually

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