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Calculation of interests on various deposits in bank with examples?
Wiki User
∙ 13y ago
Lets say you are going to deposit $1000 in your bank for one year.
a. Savings account - 1% rate of interest - Interest earned = $10
b. Certificate of Deposit - 4% rate of interest - Interest earned = $40
checking account has little or 0% interest so I havent used it here.
Wiki User
∙ 13y ago
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