Which earns more interest over 30 years - $5,000 at 6% simple interest or $4,000 at 6% compound interest? Group of answer choices ..$5,000 simple interest ..Not enough information provided ..$4,000 compound interest ..Both earn the same interest
Which earns more interest over 30 years - $5,000 at 6% simple interest or $4,000 at 6% compound interest? Group of answer choices ..$5,000 simple interest ..Not enough information provided ..$4,000 compound interest ..Both earn the same interest
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: The Basic Tools Of Finance
Section: Chapter Questions
Problem 1CQQ
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Question
Which earns more interest over 30 years - $5,000 at 6% simple interest or $4,000 at 6% compound interest?
Group of answer choices
..$5,000 simple interest
..Not enough information provided
..$4,000 compound interest
..Both earn the same interest
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