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21 August, 08:55

Assume $20,000 is deposited into a savings account. Bedford Bank offers an annual rate of 1% simple interest for five years. Slick Bank offers a rate of 5.1% simple interest for one year. Which earns more interest?

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  1. 21 August, 09:06
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    Using a savings interest calculator, I found that either way your savings grow by exactly $1,020.20, so they share the same interest.
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