Adrian invested $100 two years ago at 8 percent interest. The first year, he earned $8 interest
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Adrian invested $100 two years ago at 8 percent interest. The first year, he earned $8 interest on his $100 investment. He reinvested the $8. The second year, he earned $8.64 interest on his $108 investment. The extra $.64 he earned in interest the second year is referred to as:
Interest on interest. | |
Bonus income. | |
Simple interest. | |
Free interest. |
Expert Answer:
Related Book For 
Introduction to Management Science A Modeling and Cases Studies Approach with Spreadsheets
ISBN: 978-0078024061
5th edition
Authors: Frederick S. Hillier, Mark S. Hillier
Posted Date:
