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2 years ago

Account A pays simple interest.

Business

1 answer:

maw [93]2 years ago

3 0

Answer:

Explanation:

Interest Factors

<u>Periods 6% 7% 8% 9% 10% 11 %</u>

1 1.0600 1.0700 1.0800 1.0900 1.1000 1.1100

2 1.1236 1.1449 1.1664 1.1881 1.2100 1.2321

3 1.1910 1.2250 1.2597 1.2950 1.3310 1.3676

4 1.2625 1.3108 1.3605 1.4116 1.4641 1.5181

Future value paying simple interest = Principal + [( principal * interest) * investment period]

Future value paying simple interest = $2,000 + [ ( $2,000 * 9%) * 3]

Future value paying simple interest = $2,000 + 540

Future value paying simple interest = $2,540

Future value paying compound interest = Present value * ( 1 + interest)n

Future value paying compound interest = $2,000 * ( 1 + 0.09)3

Future value paying compound interest = $2,000 * 1.295029

Future value paying compound interest = $2,590.058

Difference = $2,590.058 - 2,540

Difference = $50.058

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