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29 December, 06:37

Would you rather have 600 in on account with 5% interest or 500 in one account with 6% interest? An why mah dude.

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Answers (2)
  1. 29 December, 07:16
    0
    I think the answer is 5%
  2. 29 December, 08:23
    0
    5% of 600 = 5/100 x 600 = $30

    6% 0f 500 = 6/100 x 500 = $30

    They both earn the same interest, so there is no difference if you place it for a year.

    if compounded for 10 years

    600 (1 + 0.05) ^10 = $977

    500 (1+0,06) ^10 = $895

    So it is better to put $600 compounded at 5%
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