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Jennifer Davis deposited $2,600 today in an account paying 7 percent interest annually. (If you solve this problem with algebra round intermediate calculations to 6
Jennifer Davis deposited $2,600 today in an account paying 7 percent interest annually. (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.) What would be the simple interest earned on this investment in 5 years?
Simple interest on investment | $ |
With annual compounding, how much interest-on-interest would Jennifer earn in 5 years?
Interest-on-interest | $ |
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