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Invest money in a bank account

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Reference no: EM133056541

You get NOK35,000 as a gift for your graduation. You decide to invest this money in a bank account.

a. How much do you have after 5 years if the interest rate is 5%?

b. How much do you have after 10 years if the interest rate is 5%?

c. Is the amount of interest that you earn in 10 years exactly equal to twice the amount you earn in 5? Why?

Reference no: EM133056541

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