Answer:
Iliana will have the most money, with a total of $580
Step-by-step explanation:
We can find the amount of money that each one will have using the formulas of interest:
For Iliana and Joann, simple interest: Total money = P + P*r*t
For Cyndy, compound interest: Total money = P*(1+r)^t
So, using the time of four years, we can calculate the total money of each one:
Iliana: P = 500 and r = 0.04:
Total money = 500 + 500*0.04*4 = $580
Joann: P = 515 and r = 0.03:
Total money = 515 + 515*0.03*4 = $576.8
Cyndy: P = 500 and r = 0.035:
Total money = 500*(1+0.035)^4 = $573.7615
So Iliana will have the most money, with a total of $580
