Paul Deposited $1000 in a Savings Account Paying Interest at J₁

Paul deposited $1000 in a savings account paying interest at j₁ = 4.5%.The account has now grown to $1246.18.If he had been able to invest the same amount over twice as long in a fund paying interest at j₁ = 5.5%,to what amount would his investment now have accumulated?

A) $1498.43
B) $1882.35
C) $1653.64
D) $1708.14

Correct Answer:

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