Mathematics, 13.04.2021 05:40 annan65
Monica is considering various savings options. At Bank 1, she can invest $500 in a CD that earns compound interest at an annual rate of 3.5%. At Bank 2, she can invest $500 in a savings account that pays 3% simple interest upon withdrawl. How much more money would Monica earn in 10 years with the CD at Bank 1 than with the savings account at Bank 2?
a
$55.30
b
$705.30
c
$155.30
d
$150
Answers: 1
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Monica is considering various savings options. At Bank 1, she can invest $500 in a CD that earns com...
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