Calculate the future value of $3,000 in a. 5 years at an interest rate of 8% per
Question:
Calculate the future value of $3,000 in
a. 5 years at an interest rate of 8% per year.
b. 10 years at an interest rate of 8% per year.
c. 5 years at an interest rate of 16% per year.
*d. Why is the amount of interest earned in part
(a) less than half the amount of interest earned in part (b)?
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