OpenStax, Contemporary Mathematics §6.4 Compound Interest · Example 2 · Arithmetic · Money & interest
Compound Interest · Example 2
Abena invested $1,000 in a CD that earned 4% compounded annually, and the CD was worth $1,124.86 after 3 years. Had Abena invested in a CD with simple interest, how much would the CD have been worth after 3 years? How much more did Abena earn using compound interest?
OpenStax, Contemporary Mathematics · §6.4 Compound Interest · Example 2
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