|
The correct answer is .63.After one year, Tom has: $1,000 + (.05)(1,000) = $1,050. After one year, Al has: $1,000 + (.025)(1,000) + (.025)(1025) = $1,050.63. This makes the difference between two accounts: $1,050.63 - $1,050 = $0.63.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Copyright © 2007 Peterson's, a Nelnet company. Used under license. All rights reserved.
-