Not be given for just stating the correct answer. 12.
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not be given for just stating the correct answer.
12. Jacob has $30 000 to invest for 5 years. He has the following options for his investment:
6.2% simple interest, paid monthly.
4.2% compound interest paid annually.
a. Which investment option will earn him more interest? Show your work/formulas for
full marks. 2 marks
list the information and formulas you are working with. Full credit will
b. Determine how much more interest is earned. 2 marks