You have 2000 invested in a bank X earning 5% effective annual interest. At the end...

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You have 2000 invested in a bank X earning 5% effective annual interest. At the end...

You have 2000 invested in a bank X earning 5% effective annual interest. At the end of each year, you withdraw that year’s interest in addition to 100 from bank X and deposit both in bank Y, which earns 6% effective annual interest. How much is in bank Y at the end of the 20 years?

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Answer 1

Answer #1

Anwes mom Fuery year interest from Bank * = 2000 x5 %. » 4100 Additional amount, will deposit in bank y = 4100 Total amount,

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Answer 2

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