Q&A

After receiving first 13 month pay of $50,000, Matthew and Mark decided to go to a bank

After receiving first 13 month pay of $50,000, Matthew and Mark decided to go to a bank and invest in a time deposit account earning an interest of 6% per annum. After a year, the two friends made separate decisions and did the following:
– Matthew, being thrifty decided to keep the interest in the account
– Mark decided to withdraw the interest earned
After another year, how much money will Matthew and Mark have?

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