You get NOK35,000 as a gift for your graduation

Business Dec 03, 2021

You get NOK35,000 as a gift for your graduation. You decide to invest this money in a bank account. a. How much do you have after 5 years if the interest rate is 5%? b. How much do you have after 10 years if the interest rate is 5%? Is the amount of interest that you earn in 10 years exactly equal to twice the amount you earn in 5? Why?