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Calculate the total interest earned over year holding period

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Problem 1: Mike just put $50,000 into an account that promises to pay 2% APR (annual compounding). Calculate the total interest earned over a 10 year holding period. (Round to 2 decimals)

Problem 2: Mike just put $50,000 into an account that promises to pay 2% APR (annual compounding). Calculate the total simple interest earned over a 10 year holding period. (Round to 2 decimals)

Reference no: EM132919728

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