Question
Old Time Savings Bank pays 5% annual interest rate on its savings accounts. If you deposit $2100 in the bank and leave it there. Assume
Old Time Savings Bank pays 5% annual interest rate on its savings accounts. If you deposit $2100 in the bank and leave it there. Assume bank pays annual compounded interest. How much interest will you earn in the first year? How much interest will you earn in the thrid year? How much interest will you earn in the 8th year? [Please round your answer to the nearest whole number]
Multiple Choice
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$105;$122;$155
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$105;$122;$148
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$105;$116;$148
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$105;$116;$155
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Contemporary Economics An Applications Approach
Authors: Robert Carbaugh
8th Edition
1138652199, 978-1138652194
