A deposited $20,000 in a bank which offers 9% and 12% interest compounded annually for the first tow years respectively. How much money would A receive as interest if she withdraw her entire deposit after 2 years. Also find the amount received by her
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Where Is the Concept of Simple Interest Used?
Simple interest may be used in the following financial situations:
Borrowing money: In the case of a loan, you will need to pay interest on the amount you have borrowed.
Lending money: In the case of a savings account, fixed deposit , or recurring deposit
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Where Is the Concept of Simple Interest Used?
Simple interest may be used in the following financial situations:
Borrowing money: In the case of a loan, you will need to pay interest on the amount you have borrowed.
Lending money: In the case of a savings account, fixed deposit , or recurring deposit
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