A bank offers two interest plans Plan A gives you 6% interest compounded annually Plan B gives you 13% annual simple interest yo
u plan to invest $2,000 for the next four years. Which account earns you the most interest (in dollars) after 4 years? How much will you have earned?
2 answers:
Plan A gives you 6% interest compounded annually so after 4 years
$2000 becomes $2000*(1.06)^4 = $2524.95
Plan B gives you 13% annual simple interest so after 4 years
$2000 becomes $2000*(1+0.13*4) = $3040
so Plan B earns more
Plan B earns more: after 4 years
, $2000*(1+0.13*4) = $3040
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