Amanda deposits$60,000 into an account that pays 4% interest per year, compounded annually. Sam deposits $60,000 into an account that also pays 4% per year. But it is simple interest. Find the interest Amanda and Sam earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Year First Second. Third Interest Amanda earns (Interest compounded annually) $. $ $ Year First Second. Third Interest Sam earns ( Simple Interest) $. $ $ who earns more each year.
Amanda deposits$60,000 into an account that pays 4% interest per year, compounded annually. Sam deposits $60,000 into an account that also pays 4% per year. But it is simple interest. Find the interest Amanda and Sam earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Year First Second. Third Interest Amanda earns (Interest compounded annually) $. $ $ Year First Second. Third Interest Sam earns ( Simple Interest) $. $ $ who earns more each year.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Amanda deposits$60,000 into an account that pays 4% interest per year, compounded annually. Sam deposits $60,000 into an account that also pays 4% per year. But it is simple interest.
Find the interest Amanda and Sam earn during each of the first three years.
Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits.
|
Year First Second. Third
Interest Amanda earns (Interest compounded annually)
$. $ $
Year First Second. Third
Interest Sam earns ( Simple Interest)
$. $ $
who earns more each year.
|
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