ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mr. and Mrs. Steele deposited $8000 to open a college savings account for their granddaughter on the day she was born. The account pays 5% simple interest annually. If they made no other deposits or withdrawals since then, how much money would be in the account after 18 years?
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$7, 200
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$8, 000
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$15, 200
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$19, 523
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Explanation:
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