5. How much is a sum of £3500 worth at the end of five years if deposited at (a) 11% simple interest and (b) 11% compound interest, each calculated annually?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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5. How much is a sum of £3500 worth at the end of five years if deposited at (a) 11% simple
interest and (b) 11% compound interest, each calculated annually?
Dar
Transcribed Image Text:5. How much is a sum of £3500 worth at the end of five years if deposited at (a) 11% simple interest and (b) 11% compound interest, each calculated annually? Dar
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