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How much interest-on-interest would betty earn in five years

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Betty Harris deposited $4,300 today in an account paying 7 percent interest annually.  (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

Problem a) What would be the simple interest earned on this investment in 5 years?

Problem B) With annual compounding, how much interest-on-interest would Betty earn in 5 years?

Reference no: EM132815072

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