Kevin deposits a certain sum in a bank at an annual compound rate of interest for 2 years.Interest in the second year will be calculated on ________.
A) the principal amount only
B) the amount in the account after 1 year
C) the sum of the principal amount and the amount in the account after 1 year
D) the difference between the principal amount and the amount in the account after 1 year
Correct Answer:
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