If $16,000 is invested in an account for 25 years. Find the value of the investment at the end of 25 years if the interest is: (a) 6\% simple interest: $ (b) 6\% compounded annually: $
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Step 1: The formula for simple interest is: $$I = Prt$$ where: * $I$ is the interest earned * $P$ is the principal amount * $r$ is the interest rate (as a decimal) * $t$ is the time (in years) Show more…
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