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m_a_m_a [10]
3 years ago
15

Three friends decide that they each want to be able to buy a new car in 5 years. Staci puts $3,000 in a savings account with a s

imple interest rate of 5.5%. Carmen invests $3,200 in an account with a simple interest rate of 4%. Tim invests $2,500 in an account with a 9% interest rate that is compounded annually. Who will have the most money to spend on a new car at the end of the 5 years? will have the most money to spend.
Mathematics
2 answers:
mafiozo [28]3 years ago
8 0

Answer:

Tim will have the most money to spend.

Step-by-step explanation:

Staci puts $3,000 in a saving account with a simple interest rate of 5.5%.

His maturity amount will be calculated by the formula of simple interest =

A = P(1+rt)

A = 3,000(1+(0.055×5))

A = 3,000(1+0.275)

A = 3000 × 1.275 = $3,825

Staci will get $3,825 after 5 years

Carmen invests $3,200 in an account with a simple interest rate of 4%.

A = 3,200(1+(0.04×5))

A = 3,200 ( 1+0.2)

A = 3,200 × 1.2 = $3,840

Carmen will get $3,840 after 5 years.

Tim invests 2,500 in an account with a 9% interest rate that is compounded annually.

Now we will calculate the maturity amount of Tim by using this formula

A = P(1+\frac{r}{n})^{nt}

A =  2,500(1+\frac{0.09}{1})^{(1)(5)}

A =  2500(1+0.09)^{5}

A = 2500(1.09)^{5}

A = 2,500 × 1.54 = $3,846.56

Tim will get $3,846.56 after 5 years

Tim will have the most money to spend.

KATRIN_1 [288]3 years ago
7 0

Tim will have the most money to spend, around 3800 because the interest rate is compounded anually

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