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LuckyWell [14K]

3 years ago

15

Assume $20,000 is deposited into a savings account. Bedford Bank offers an annual rate of 1% simple interest for five years. Sli

ck Bank offers a rate of 5.1% simple interest for one year. Which earns more interest?

1 answer:

lozanna [386]3 years ago

7 0

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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