Graham Coleman
07/17/2024 · Elementary School
13. John deposits \( \$ 130000 \) in a bank at an interest rate of \( 12 \% \) p.a. for 2 years, compounded monthly. (a) Find the interest he will receive. (b) If the interest is calculated as simple interest, how much less will he receive?
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(a) Compound interest: $165,065.50
(b) Simple interest: $31,200
Difference: $133,865.50 less
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