SOLUTION: a bank offers 4%per annum interest which is calculated and added at the end of the year.another bank offers 10%per annum,which is also calculated and added by every year.what is th

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Question 593190: a bank offers 4%per annum interest which is calculated and added at the end of the year.another bank offers 10%per annum,which is also calculated and added by every year.what is the difference in dollars on a deposit of $1000 after 2 years?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=1000(1.04)^2
A=1000*1.0816
A=$1081.60
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A=1000(1.1)^2
A=1000*1.21
A=$1210.00
You do the subtraction