Paul has $2,400 in a savings account earning 3.4% simple interest. How much more interest would he earn in 5 years if the interest were compounded annually?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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by Section 27-V02
actice
Question 1 (1 point)
Paul has $2,400 in a savings account
A earning 3.4% simple interest How much
more interest would he earn in 5 years if
the interest were compounded annually?
O a
$28.70
b.
$36.70
$408.00
$436.70
Transcribed Image Text:by Section 27-V02 actice Question 1 (1 point) Paul has $2,400 in a savings account A earning 3.4% simple interest How much more interest would he earn in 5 years if the interest were compounded annually? O a $28.70 b. $36.70 $408.00 $436.70
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