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6 ) Tara sold her Volkswagen and placed $ 9 , 2 0 0 in a savings account paying annual compound interest of 4 .

6) Tara sold her Volkswagen and placed $9,200 in a savings account paying annual compound interest of 4.85%.
a) Calculate the amount of money that will have accrued if she leaves the money in the bank for 1,3 and 5 years. 10pts
b) Calculate the amount of money that will have accrued if the interest rate changed to 5.25% and paid only simple interest for 1,3 and 5 years. 10pts
c) After your calculations did compound or simple interest gain more money in years 1,3,5?10pts

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