You have $1000 and a bank is offering 5% simple interest on deposits. (A)If you deposit...
You have $1000 and a bank is offering 5% simple interest on
deposits.
(A)If you deposit the money in the bank, how much will you have in
10 years?
(B) How much will you have it the interest was compounded annually?
Homework Answers
![A) if simple interest have in 10 years B) if compounded interest have in 10 years $1,500.00 $1,628.89 [ 1000t( 1000*5%*10) ]](http://img.homeworklib.com/questions/e51d4380-466c-11ea-9076-2fa77bebdf33.png?x-oss-process=image/resize,w_560)
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