Question

Ryan deposits $775 in an account that pays 4.24% simple interest for four years. Brian deposits $775 in an account that pays 4.24% simple interest for one year.
A. what is ryans interest after 4 years?
B. what is ryans balance after 4 years?
C. how much interest did ryans account earn the first year?
D. How much interest did Ryan's account earn the fourth year?
E. what's Brian's interest after the first year
F. what is brians balance after tge fourth year?
G. suppose Brian withdraws all of the principal and interest after the first year and deposits it into another one-year account at the same rate, what is his interest for the second year? Round the nearest cent
H. compare the interest Brian earns with the interest Ryan earns for the second year. Who earned more interest? explain

Answer 1

Answer:

Ryan deposits $775 in an account that pays 4.24% simple interest for four years.

Brian deposits $775 in an account that pays 4.24% simple interest for one year.

A:

SI formula is : p x r x t

So, Ryan's interest after 4 years will be = $775\times0.0424\times4$

= $131.44

B:

Ryan's balance after 4 years will be = $775+131.44$

= $906.44

C:

Interest earned after 1 year = $775\times0.0424\times1$

= $32.86

D:

Ryan's account earned $32.86 in the fourth year.

E:

Brian's interest after first year = $775\times0.0424\times1$

= $32.86

F:

Brian's balance after first year will be =$775+32.86$

= $807.86

G:

Now p will be 807.86

So, interest after 1 year will be = $807.86\times0.0424\times1$

= 34.25

H:

After 2 years Ryan will have earned = $32.86+32.86=65.72$ dollars in interest.

And after 2 years, Brian will have earned = $32.86+34.25=67.11$ dollars in interest.

So, Brian earned more because in the second year his principle increased and Ryan's principle was same.

Answer 2

Hope this helps! :) Took me a long time...

Answers:

a.  $131.44

b. $906.44

c.  $32.86

d.  $32.86

e.  $32.86

f. $807.86

g. $34.25

h.  Ryan earned  more; he earned interest on top of his interest since he opened up a new account.