Does anyone know this???

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asked Oct 10, 2019 67.1k views

1 Answer

Webstersx · Answer 1 · 2019-10-14T14:24:22+0000

the equation for compounded interest is
initial amount ( interest rate in decimal form ) times compounded

1000(1.02)^1 = 1020$
savings account A earned 20$ in one year

800(1.05)^1 = 840$
savings account B earned 40$ in one year

Does anyone know this???

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