ou deposit $1,000 in your bank account. If the bank pays 4% simple interest, how much will you accumulate in your account after 10 years? How much will you accumulate if the bank pays compound interest? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
Added by Jennifer B.
Step 1
Simple interest = Principal amount * Interest rate * Time Simple interest = $1,000 * 0.04 * 10 Simple interest = $400 Show more…
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