You have $2000 to deposit for 7 years and two account options. The first earns you simple interest at a rate of 4% and the second earns you compound interest (compounded annually) at a rate of 2%. Which account earns you more money?
First account (simple interest)
Second account (compound interest)
They earn you the same
Not enough information to say
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Home » Mathematics » You have $2000 to deposit for 7 years and two account options. The first earns you simple interest at a rate of 4% and the second earns you compound interest (compounded annually) at a rate of 2%.