Concept explainers
To explain: Simple interest and compound interest, weather they increase, decrease or stay the same.
Answer to Problem 24E
Explanation of Solution
Given information: Simple interest and compound interest.
Calculation: The amount of interest earned each year in the simple interest stay the same.
The amount of interest earned each year in the compound interest increase.
Since, the interest of the simple interest account has been calculated based on the initial deposit.
But the interest of the compound interest account has been calculated based on the total amount at the end of the each year.
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Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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