Annually compounded interest

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Reference no: EM13767934

If you have a choice to earn simple interest on $10,000 for three years at 8% or annually compounded interest at 7.5% for three years which one will pay more and by how much?

Select one:

a. Simple interest by $50.00

b. Compound interest by $22.97

c. Compound interest by $150.75

d. Compound interest by $150.00

e. None of the above.

Reference no: EM13767934

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