Mathematics, 22.02.2021 18:30 hunterthompson2

Valerie is considering various savings options. At Bank 1, she can invest $1,000 in a CD that earns compound interest at an annual rate of 2.4%.
At Bank 2, she can invest $1,000 in a savings account that pays 2% simple interest upon withdrawal.

Valerie will not make any additional deposits or withdraws. How much more money would Valerie earn in 5 years with the CD at Bank 1 than with the savings account at Bank 2?

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