Purchase Solution

Simple Interest versus Compound Interest

Not what you're looking for?

Ask Custom Question

Simple Interest versus Compound Interest. First Mark Bank pays 6 percent
simple interest on its savings account balances, whereas First Mullineaux Bank pays
6 percent interest compounded annually. If you made a $5,000 deposit in each bank, how much more money would you earn from your First Mullineaux Bank account at the end of 10 years?

Purchase this Solution

Solution Summary

The solution explains how to calculate simple interest and compound interest

Solution Preview

In simple interest the formula is SI=P*R*T=5000*0.06*10=3000. The interest earned under simple ...

Purchase this Solution

Free BrainMass Quizzes
Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.