The accompanying table shows a series of transactions in a savings account. The account pays 6% simple interest, and the account owner withdraws interest as soon as it is paid. Create a new table that shows (a) the account balance at the end of each year and (b) the interest earned each year. What is the true rate of interest that the investor earns in this account?

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02-11-2022
Business

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The accompanying table shows a series of transactions in a savings account. The account pays 6% simple interest, and the account owner withdraws interest as soon as it is paid. Create a new table that shows (a) the account balance at the end of each year and (b) the interest earned each year. What is the true rate of interest that the investor earns in this account?

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