Old-time savings bank pays 4% interest on its savings accounts. If you deposit $2200 in the bank and leave it there. 1. How much interest will be earned in the first year? 2. how much interest will be earned in the second year? 3. How much interest will be earned in the 10 years?
Old-time savings bank pays 4% interest on its savings accounts. If you deposit $2200 in the bank and leave it there. 1. How much interest will be earned in the first year? 2. how much interest will be earned in the second year? 3. How much interest will be earned in the 10 years?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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Old-time savings bank pays 4% interest on its savings accounts. If you deposit $2200 in the bank and leave it there.
1. How much interest will be earned in the first year?
2. how much interest will be earned in the second year?
3. How much interest will be earned in the 10 years?
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