Compare the interest earned by p dollars

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Reference no: EM131505618

Question: 1. Compare the interest earned by P dollars at i% per year simple interest with that earned by the same amount P for five years at i% compounded annually.

2. A 12-cylinder heavy-duty diesel engine will have a guaranteed residual value of $1,000 in 5 years. Today (year 0) the equivalent worth of this engine is how much if the interest rate is 9% per year?

Reference no: EM131505618

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