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April and Cody invest $5,000 each at their local bank. April invests at a 4% simple interest rate, and Cody invests at a 4% interest rate, compounded annually. What is the difference in their account balances
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Jan 21, 2022
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April and Cody invest $5,000 each at their local bank. April invests at a 4% simple interest rate, and Cody invests at a 4% interest rate, compounded annually. What is the difference in their account balances after three years?
Mathematics
high-school
Pankaj Agrawal
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Pankaj Agrawal
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Answer:
$24.32
Explanation:
The difference in balances is:
5000*(1 + 0.04)^3 - 5000*(1 + 0.04*3) =
5624.32 - 5600 =
24.32
Raju Padhara
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Jan 26, 2022
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Raju Padhara
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