Julia and Rodney decided to invest 15% of their salaries.The table shows their principal balance,interest rate,and type of inter
est.Based on the table,what is the sum of the interest they earned after 3 years? *Imagine the table like this* They both have $4500 as their principal balance.One of them has their interest type as compounded annually and the other is simple interest.The interest rate for both is 6%.
On the account with interest compounded annually, the account balance will be P*(1 +r)^t 4500*1.06³ = 5358.57 so the interest earned will be 5358.57 -4500 = 859.57
On the account with simple interest, the interest earned will be I = Prt I = 4500*.06*3 I = 810.00
The total interest earned on the two accounts will be $859.57 +810.00 = $1669.57 . . . . . . . . selection A
