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Homework answers / question archive / If you have a choice to earn simple interest on $20,000 for three years at 9% or annually compounding interest at 8

If you have a choice to earn simple interest on $20,000 for three years at 9% or annually compounding interest at 8

Finance

If you have a choice to earn simple interest on $20,000 for three years at 9% or annually compounding interest at 8.5% for three years which one will pay more interest and by how much?

 

 

a. Compound interest by $145.78

b. Simple interest by $50.00

c. Compound interest by $122.97

d. Simple interest by $150.00

Option 1

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