So where is the best place to save one’s money?
Certain certificates of deposit accumulate interest at 10% per year simple interest. If a company invests $240,000 now in these certificates for the purchase of a new machine 3 years from now, how much will the company have at the end of the 3-year period? A local bank is offering to pay compound interest of 7% per year on new savings accounts. ................
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