Guldelihe Simone will deposit $250 into each of two savings accounts. • Account I earns 1.6% interest compounded annually. • Account II earns 1.6% simple annual interest. If Simone makes no additional deposits or withdrawals, which each account will have earned at the end of 10 years? $253.01

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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If Simone makes no additional deposits or withdrawals, which amount is closet to the difference in the interest that each amount will have earned at the end of 10 years?

Guid
主
Simone will deposit $250 into each of two savings accounts.
Account I earns 1.6% interest compounded annually.
• Account II earns 1.6% simple annual interest.
If Simone makes no additional deposits or withdrawals, which
each account will have earned at the end of 10 years?
$253.01
S43.01
Transcribed Image Text:Guid 主 Simone will deposit $250 into each of two savings accounts. Account I earns 1.6% interest compounded annually. • Account II earns 1.6% simple annual interest. If Simone makes no additional deposits or withdrawals, which each account will have earned at the end of 10 years? $253.01 S43.01
Expert Solution
Step 1

Given that 

Simone deposit (Po) = $250

                      For (T) = 10 years

              At a rate (R) = 1.6%

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