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August 31, 2021

FINANCE PROBLEM 1 HOUR MAX TO COMPLETE

General Questions

7.

a. Gouldy invests $4,500 in an account that pays 4% simple interest. How much money will she have at the end of eight years. (5 marks)

b. Gouldy then goes on to invests $3,000 in an account that pays 5% simple interest. How much more could she have earned over a 7-year period if the interest had compounded annually? (5 marks)

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