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Calculate how much Linda and Lisa balances

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Question - Linda and Lisa have different saving plans: At Jan 1, 2000, Linda deposited $5000 to a saving account, which offers an interest rate of 3% compounded monthly.

Lisa deposited $500 to one fund at Jan 1, 2000, the fund offers a simple interest rate of 10% per year. Since then, at every year Lisa deposited the same amount ($500) to that fund.

Code to calculate how much Linda and Lisa's balances are at Dec 31, 2020. Whose balance is large?

Reference no: EM132806189

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