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Lester had $6,270 in his savings account at the beginning of this year. This amount includes both the $6,000 he originally invested at the beginning of last year plus the $270 he earned in interest last year. This year, Lester earned a total of $282.15 in interest even though the interest rate on the account remained constant. This $282.15 is best described as:

Compound Intereest

Interest on Interest

Simple Interest

Discounted Interest

Complex Interest

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M92335311

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