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Mathematics, 12.01.2021 18:00 lberries08

Simple and Compound Interest Direction : Analyze the problem given below, illustrate the two investments and compare simple and compound interest.

1.Mr. Henry received his back pay from a work abroad and wanted to quit as an OFW. He received P150 000.00. He plans to invest it for 5 years. An ABC bank offers him with 2% simple interest rate per year while the UNION bank offers him 2% compounded annually.

1. Make an Illustration of Simple and Compound Interest

2.If you were Mr. Henry which offer will you choose and why?

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