Yu is considering two different banks for his $3,000 savings account: Option A: 4% for 2 years simple interest Option B: 2% for 1 year compound interest a. What is the interest earned on option A? $ 2400.00 For example: 35.00 b. What is the total value on option A? For example: 2400.0 c. What is the interest earned on option B? $ 656.98 d. What is the total value on option B? $ 3656.98

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ISBN:9780470458365
Author:Erwin Kreyszig
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Yu is considering two different banks for his $3,000 savings account:
* Option A: 4% for 2 years simple interest
* Option B: 2% for 1 year compound interest
a. What is the interest earned on option A?
$ 2400.00
For example: 35.00 or
b. What is the total value on option A?
For example: 2400.00
c. What is the interest earned on option B?
$ 656.98
d. What is the total value on option B?
$ 3656.98
Transcribed Image Text:Yu is considering two different banks for his $3,000 savings account: * Option A: 4% for 2 years simple interest * Option B: 2% for 1 year compound interest a. What is the interest earned on option A? $ 2400.00 For example: 35.00 or b. What is the total value on option A? For example: 2400.00 c. What is the interest earned on option B? $ 656.98 d. What is the total value on option B? $ 3656.98
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