You place $500 in a savings account at 5% compounded
Chapter 5, Problem 5(choose chapter or problem)
You place $500 in a savings account at 5% compounded annually. After 4 years you withdraw all your money and take it to a different bank, which advertises a rate of 6% compounded annually. What is the balance in this new account after 4 more years? (As usual, assume that no subsequent withdrawal or deposit is made.)
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