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How much simple interest will she have earned

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Question - Mary Smith deposits $1,000 in her bank today.

If the bank pays 4 percent interest per year without compounding, how much simple interest will she have earned and how much money will she have at the end of five years?

How much money will she have in five years if the bank pays compound interest with annual compounding?

How much of the earnings in part b, will be interest on interest?

Reference no: EM133155400

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