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maksim [4K]
3 years ago
9

Paul has $2,400 in a savings account earning 3.4% simple interest. How much more interest would he earn in 5 years if the intere

st were compounded annually?
Mathematics
1 answer:
bija089 [108]3 years ago
7 0
Amount using compound interest = 2400(1 + 0.034)^5 = 2400(1.034)^5 = 2400(1.1820) = $2,836.70

Amount using simple interest = 2400(1 + 5 x 0.034) = 2400(1 + 0.17) = 2400(1.17) = $2,808

Difference = $2,836.70 - $2,808 = $28.70

Therefore, <span>he will earn $28.70 more interest in 5 years if the interest were compounded annually</span> .
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