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You deposit $3,000 in your bank account. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years?

You deposit $3,000 in your bank account. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years?

What if the bank pays compound interest (annually)

How much of your earnings will be interest on interest?

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