Shaun invested a 5,000 inheritance six years ago in a bank deposit account paying 4 per...
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Shaun invested a 5,000 inheritance six years ago in a bank deposit account paying 4 per cent interest annually. He has not spent any of the 5,000 or the interest it has earned since the deposit and has reinvested the interest in the account. What type of interest is Shaun earning? Shaun invested a 5,000 inheritance six years ago in a bank deposit account paying 4 per cent interest annually. He has not spent any of the 5,000 or the interest it has earned since the deposit and has reinvested the interest in the account. What type of interest is Shaun earning?
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Answer rating: 100% (QA)
Answer Shaun is earning compound interest on his deposit This is because he has reinvested the inter... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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