500 (1 +100)¹0 The expression above gives the amount of dollars, generated in 10 years, by a $500 deposit in a bank account that pays an annual interest rate of r%, compounded annually. Which of the following is the positive difference in the amount of interest that would be gained over that period when the value of r is increased from 2.5% to 5% ? A) $174.41 B) $348.82 C) $407.22 D) $814.45

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A: Principal, P = $2000Rate = 6%Time = 3 yearsSo, Rate = 64 = 1.5% annuallyTime, T = 3x4 = 12 years

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