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Kobotan [32]
3 years ago
10

You invest $2,000.00 in a stock plan and another $2,000.00 in a savings account. The stock plan decreases by 7% the first year a

nd gains 10% the second year. The savings account earns a 3.7% APR and compounds annually. What is the difference in earnings between the stock and savings account at the end of the second year?
Mathematics
1 answer:
galben [10]3 years ago
4 0

Answer:

$104.738

Step-by-step explanation:

Let's work out the <u>stock plan</u> first:

$2,000 - 7% in the first year = $1,860

$1,860 + 10% = $2,046 in the second year

<u>Savings account:</u>

$2,000 + 3.7% = $2,074 in the first year

$2,074 + 3.7% = $2,150.738 in the second year

<u>The difference:</u>

$2,150.738 - $2,046 = $104.738

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