Answered

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4) A person wants to invest $150000 dollars and the credit union offers an interest of 7.5% per annum.

(a) Calculate how many years it will take for the AMOUNT of money to cross $200 000 when using simple interest.

(b) If the interest is compounded annually, how much money the person would have gotten for the same time in question 4(a)? Use the compound interest formula?

Sagot :

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