Question

Two accounts each begin with a deposit of $9000. Both accounts have rates of 3.1%, but one account compounds interest once a year while
the other account compounds interest continuously. Make a table that shows the amount in each account and the interest earned after one
year, five years, ten years, and 20 years.

Answer 1

Given : Initial deposit or the principal amount = $ 9000

Rate of interest = 3.1 %

Compound interest annually

= principal (1 + r/ 100)^t

here put value principal rate and time period 1, 5 10 and 20 years

and we get the  amount for each time period        

than for interest = amount - principal we get interest    

as that we calculate all value:

given in the attachment

When do we use compound interest ?

When interest on a balance in a savings or investment account is reinvested, you receive compound interest, which results in higher interest payments. Money makes money, a wise man once said. And money makes money by making more money. Compound interest speeds up the long-term growth of your savings and investments.

To know  more about compound interest visit:
brainly.com/question/22621039

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