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How much more earned at the historical high interest rate

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Problem 1: Interest rates were at historical highs in the early 1980s. In August of 1981, you could earn 17.5% compounded annually on a five-year term deposit with a Canadian bank. Since then, the interest rate offered on five-year term deposits dropped to a low of 2.0% compounded annually in February of 2019. On a $13,500 deposit for a term of five years, how much more would you have earned at the historical high interest rate than at the more recent low rate?

Reference no: EM132665970

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