Compute the amounts that will be accumulated

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Reference no: EM13755536

Simple and Compound Interest

You invest $4,100 for five years at 5% simple interest at Bank 1. You invest $4,100 for five years at Bank 2 where interest at 5% is compounded annually.

Compute the amounts that will be accumulated. Round to the nearest dollar. Use the appropriate future value table that may be found by clicking on the Future Value button.

Bank 1 $

Bank 2 $

Reference no: EM13755536

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