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3 February, 19:55

City Bank offers 4% simple interest on deposits. County Bank offers 3% interest compounded annually.

Derek deposits $5000 in City Bank and Lupe deposits $5000 in County Bank.

What is the difference in final balances for Derek and Lupe at the end of 6 years?

$229.74

$300.00

$356.33

$426.60

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Answers (1)
  1. 3 February, 20:14
    0
    The answer is 299.74
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