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Which one will pay more interest and by how much

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Reference no: EM132503427

Question 1: If you have a choice to earn simple interest on $20,000 for three years at 9% or annually compounding interest at 8.5% for three years which one will pay more interest and by how much?

Select one:

a. Compound interest by $145.78

b. Simple interest by $150.00

c. Simple interest by $50.00

d. Compound interest by $122.97

Reference no: EM132503427

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