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Michelle has a balance of $950 in a savings account that pays 3% interest compounded annually. If Michelle makes no deposits or withdrawals, how much money will be in her savings account after 2 years?

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fmar4872

Answer:

She will save by borrowing from Bank B.

Step-by-step explanation:

Michelle needs to calculate the interest for the length of each loan. Bank A will charge $2430 in interest and Bank B will charge $1980 in interest. She will save by borrowing from Bank B.

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