What is the value of x
1 answer:
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Answer:
Connor will earn more interest because he is getting compound interest.
Step-by-step explanation:
I have to assume in this case that the interest is 3.5% Per year:
Simple Interest = P(r + t)
{P = Principle, r = interest rate, t = time)
Wendy = $8,300 x (3.5% x 25)
Wendy = $7,262.50 (2 d.p)
Wendy = $8,300 + $7,262.50
Wendy = $15,562.50
Compound Interest =
{P = Principle, r = interest rate, t = time)
Connor = $8,300 x
Connor = $19,614.93
Wendy's Interest = $15,562.50 - $8,300 = $7,262.50
Connor's interest = $ 19,614.93 - $8,300 = $11,314.93
<em><u>Connor earned more interest by $4,052.43</u></em>
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