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KengaRu [80]
3 years ago
8

Katie invests $5,000 in an account earning 4% interest, compounded annually for 5 years. Two years after Katie's initial investm

ent, Emily invests $10,000 in an account earning 4% interest, compounded annually for 3 years. Given that no additional deposits are made, compare the amount of interest earned after the interest period ends for each account. (round to the nearest dollar) A) Katie earned $408 more in interest in her account than Emily. B) Emily earned $408 more in interest in her account than Katie. C) Katie earned $166 more in interest in her account than Emily. D) Emily earned $166 more in interest in her account than Katie.
Mathematics
2 answers:
VladimirAG [237]3 years ago
5 0

Answer:

Emily earned $166 more in her account than Katie.

Step-by-step explanation:

Lyrx [107]3 years ago
4 0
Emily earned $166 more in her account than Katie.

We use the compound interest formula for both of these:

A=p(1+r)^t

For Katie's deposit:
A=5000(1+0.04)^5=5000(1.04)^5 = 6083.26

This gives Katie 6083.26-5000 = 1083.26 in interest (1083, to the nearest dollar).

For Emily's deposit:
A=10000(1+0.04)^3=10000(1.04)^3=11248.64

This means she earned 11248.64-10000=1248.64 in interest (1249, to the nearest dollar).

The difference in interest is given by 1249-1083=166
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