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Tcecarenko [31]
3 years ago
13

Megan has $15,000 to invest. She is considering two investment options. Option A pays 3.2% simple interest. Option B pays 4.1% i

nterest compounded annually. What is the value of each investment option at 10 years?
Mathematics
2 answers:
zavuch27 [327]3 years ago
8 0

Answer:

Option A: $19,800

Option B: $22,418

Step-by-step explanation:

True [87]3 years ago
4 0

wheee



Compute each option


option A: simple interest


simple interest is easy

A=I+P

A=Final amount

I=interest

P=principal (amount initially put in)


and I=PRT

P=principal

R=rate in decimal

T=time in years


so given

P=15000

R=3.2% or 0.032 in deecimal form

T=10


A=I+P

A=PRT+P

A=(15000)(0.032)(10)+15000

A=4800+15000

A=19800

Simple interst pays $19,800 in 10 years




Option B: compound interest

for interest compounded yearly, the formula is

A=P(1+r)^t

where A=final amount

P=principal

r=rate in decimal form

t=time in years


given

P=15000

r=4.1% or 0.041

t=10


A=15000(1+0.041)^{10}

A=15000(1.041)^{10}

use your calculator

A=22418.0872024

so after 10 years, she will have $22,418.09 in the compounded interest account





in 10 years, the investment in the simple interest account will be worth $19,800 and the investment in the compounded interest account will be worth$22,418.09

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