You are given a choice of taking the simple interest on $100,000invested for 5 years at a rate of 3% or the interest on $100,000 invested for 5 years at an interest rate of 3% compounded daily...

You are given a choice of taking the simple interest on $100,000invested for 5 years at a rate of 3% or the interest on $100,000 invested for 5 years at an interest rate of 3% compounded daily (use the Banker's rule)

Which investment earns the greater amount of interest? Give the difference between the amounts of interest earned by the two investments.

The investment with compound interest earns $____ more in interest.

(Round to the nearest cent as needed.)

Jun 05, 2022

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You are given a choice of taking the simple interest on $100,000invested for 5 years at a rate of 3% or the interest on $100,000 invested for 5 years at an interest rate of 3% compounded daily...

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You are given a choice of taking the simple interest on ​$100,000invested for 5 years at a rate of 3​% or the interest on ​$100,000 invested for 5 years at an interest rate of 3​% compounded daily...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment

You are given a choice of taking the simple interest on $100,000invested for 5 years at a rate of 3% or the interest on $100,000 invested for 5 years at an interest rate of 3% compounded daily...