Mary invested $500 in the beginning of year 2008 in an account earning 3.8% annual compound interest. Mary also invested $500 in the beginning of year 2008 in an account earning 4.2% annual simple interest. Find the difference between the total interest amount earned on each account by the end of year 2020. Assume that no further deposits and no withdrawals took place from each account. Round your answer to two decimal points! Hint: There are 13 years that each account is earning interest!
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Mary invested $500 in the beginning of year 2008 in an account earning 3.8% annual compound interest.
Mary also invested $500 in the beginning of year 2008 in an account earning 4.2% annual simple interest.
Find the difference between the total interest amount earned on each account by the end of year 2020. Assume that no further deposits and no withdrawals took place from each account. Round your answer to two decimal points!
Hint: There are 13 years that each account is earning interest!
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