5. How much is a sum of £3500 worth at the end of five years if deposited at (a) 11% simple interest and (b) 11% compound interest, each calculated annually?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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5. How much is a sum of £3500 worth at the end of five years if deposited at (a) 11% simple
interest and (b) 11% compound interest, each calculated annually?
Dar
Transcribed Image Text:5. How much is a sum of £3500 worth at the end of five years if deposited at (a) 11% simple interest and (b) 11% compound interest, each calculated annually? Dar
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