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kati45 [8]
3 years ago
11

Carly deposited $800 in an account that earns 6% compounded annually. Lara deposited $800 in an account that earns 6% simple int

erest. How much will each girl have in their account at the end of 10 years if they make no withdrawals or deposits?
Business
1 answer:
LiRa [457]3 years ago
7 0

Answer:

Carly will have $1,433 in her account at the end of 10 years.

Lara will have $1,280 in her account at the end of 10 years.

Explanation:

Simpe interest pays the simple trust on the principal amount. There is no reinvestment of interest.

In compounded Interest the Interest earned from the investment is reinvested and again interest on principal and interest amount reinvested is earned.

Carly Deposit balance

Principal amount = $800

Blance after 10 years = $800 ( 1+ 6% )^10 = $800 x 1.791 = $1,433

Lara Deposit balance

Principal amount = $800

Amount of Interest for 10 years = 800 x 6% x 10 = $480

Blance after 10 years = $800 + $480 = $1,280

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Answer:

high savings rate

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High savings rate is not a goal of federal economic policy. The goal of federal economic policy is to achieve full employment, economic growth and stable prices.

However 'high savings rate' is achieved when interest rates are increased in order to fight inflation and achieve 'stable prices' because people keep their money in the banks to take advantage of the benefit of earning interest BUT this is not always the case because 'higher interest rates' works against full employment by making it too costly for firms to borrow for investments which will definitely create jobs.

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The automation will affect most of the difficult jobs and would increase efficiency in the coming future. The occupations that would be affected will be aggriculture production operations.

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3 years ago
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