Problem 5-1 Compound Interest (L01) Old Time Savings Bank pays 4% Interest on its savings...
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Problem 5-1 Compound Interest (L01) Old Time Savings Bank pays 4% Interest on its savings accounts. If you deposit $2,500 in the bank and leave it there (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. How much interest will you earn in the first year? First year interest b. How much interest will you eam in the second year? Second year interest c. How much interest will you earn in the 10th year? Tenth year interest
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