bloodyliz74 bloodyliz74

27-05-2024
Mathematics

Answered

Laura deposits $60,000 into an account that pays simple interest at a rate of 6% per year. Eric deposits $60,000 into an account that also pays 6% interest per year. But it is compounded annually.
Find the interest Laura and Eric earn during each of the first three years.
Then decide who earns more interest for each year.
Assume there are no withdrawals and no additional deposits.

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