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You want to compare a bank account paying simple interest and a bank account paying compound interest. In either case, you plan to invest $2,600
You want to compare a bank account paying simple interest and a bank account paying compound interest. In either case, you plan to invest $2,600 today and both accounts have an annual interest rate of 5%. How much more interest would you receive in the 8th year if you choose the account that pays compound interest compared to the account that pays simple interest? $70.08
$65.77
$52.92
$130.00
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