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3 years ago

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Brian invests $10,000 in an account earning 4% interest, compounded annually for 10 years. Five years after Brian's initial inve

stment, Chris invests $10,000 in an account earning 7% interest, compounded annually for 5 years. Given that no additional deposits are made, compare the balances of the two accounts after the interest period ends for each account. (round to the nearest dollar)

2 answers:

Lena [83]3 years ago

8 0

Brian will get 40,000 then Chris will get 70,000

Citrus2011 [14]3 years ago

5 0

Compound interest formula is $A = P(1+r)^t$

Where P is the principal amount

r is the rate of interest

t is number of years

Brian invests $10,000 in an account earning 4% interest, compounded annually for 10 years

P = 10,000 , r= 4% = 0.04 , t =10

Plug in all the values

$A = 10000(1+0.04)^{10}$ = 14,802.44

Chris invests $10,000 in an account earning 7% interest, compounded annually for 5 years.

P = 10,000 , r= 7% = 0.07 , t =5

Plug in all the values

$A = 10000(1+0.07)^5$ = 14,025.52

Brian balance after the interest period = $ 14,802.44

Chris balance after the interest period = $ 14,025.52

Balance in Brian's account is more than Chris account

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If we place what the husband earns as h and what the wife earns as w, we can begin...
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Bonus: The wife then earns 68,000$

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Step-by-step explanation:

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