Posted by **Sabrina** on Monday, April 25, 2011 at 4:50pm.

Jim wants to deposit money in an account to save for a new stereo system in two years. He wants to have $4,000 available at the time. The following rates are available to him:

6.2% simple interest

6.1% compounded annually

5.58% compounded semiannually

5.75% compounded quarterly

Which account(s) should he choose if he wants to invest the smallest amount of money now?

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