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You are given a choice of taking the simple interest on $100,000 invested for 2 years at a rate of 4% or the interest on $100,000 invested for 2 years at an interest rate of 4% compounded daily. Which investment earns the greater amount of interest? Give the difference between the amounts of interest earned by the two investments.

You are given a choice of taking the simple interest on $100,000 invested for 2 years at a rate of 4% or the interest on $100,000 invested for 2 years at an interest rate of 4% compounded daily. Which investment earns the greater amount of interest? Give the difference between the amounts of interest earned by the two investments.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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You are given a choice of taking the simple interest on $100,000 invested for 2 years at a rate of 4% or the interest on $100,000 invested for 2 years at an interest rate of 4% compounded daily. Which investment earns the greater amount of interest? Give the difference between the amounts of interest earned by the two investments. The investment with V interest earns $ more in interest. (Round to the nearest cent as needed.)
Transcribed Image Text:You are given a choice of taking the simple interest on $100,000 invested for 2 years at a rate of 4% or the interest on $100,000 invested for 2 years at an interest rate of 4% compounded daily. Which investment earns the greater amount of interest? Give the difference between the amounts of interest earned by the two investments. The investment with V interest earns $ more in interest. (Round to the nearest cent as needed.)
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