5,000 invested at an annual rate of 6% for 3 years has a smaller future value than $5,000 invested at an annual rate of 3% for 6 years

Indicate whether the statement is true or false.


Answer: TRUE
Explanation: $5,000 ∗ (1.06)3 = $5,955.08, but $5,000 ∗ (1.03)6 = $5,970.26

Business

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