Two banks pay simple interest on short-term deposits. Bank A pays 5% p.a. over 3 years, and Bank B pays 5.5% p.a. for 21 years. The difference between the two banks' final payout figure, if $10 000 was invested in each account is: A $0 B $125 C $250 D $1375 $1500

Two banks pay simple interest on short-term deposits. Bank A pays 5% p.a. over 3 years, and Bank B pays 5.5% p.a. for 21 years. The difference between the two banks' final payout figure, if $10 000 was invested in each account is: A $0 B $125 C $250 D $1375 $1500

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Two banks pay simple interest on
short-term deposits. Bank A pays 5%
p.a. over 3 years, and Bank B pays
5.5% p.a. for 21 years. The difference
between the two banks' final payout
figure, if $10 000 was invested in each
account is:
A $0
B $125
C $250
D $1375
$1500

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