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April 16, 2014

Homework Help: Simple & Compounding Interest

Posted by Need Help!!! on Wednesday, April 25, 2012 at 6:12pm.

Suppose Kevin and Jill both deposit $4000 into their personal accounts. If Kevinís account earns 5% simple interest annually and Jillís earns 5% interest compounded annually, how much will each account balance show at the end of 5 years? Calculate the difference between each account.

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