1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sati [7]
3 years ago
8

Two savings accounts were each opened with a $6,000 deposit. Account A earns compound interest at a 2% annual interest rate comp

ounded yearly. Account B earns simple interest at a 2% annual interest rate. No other deposits or withdrawals are made from the accounts for 3 years.
What is the difference in interest earnings between the two accounts after 3 years?

Account A will earn approximately $360 less in interest than account B.
Account A will earn approximately $7 less in interest than account B.
Account A will earn approximately $360 more in interest than account B.
Account A will earn approximately $7 more in interest than account B.
Both accounts will earn the same amount of interest.
Mathematics
2 answers:
zubka84 [21]3 years ago
6 0

Answer:

Account A will earn approximately $7 more in interest than account B

Step-by-step explanation:

Compound interest formula:

A = P*(1 + r/n)^(n*t)

where:

A is the amount

P is the principal = $6,000

r is the rate (as a decimal) = 0.02

t is time in years = 3

n is the the number of times interest is compounded per unit t = 1

Then:

A = 6000*(1 + 0.02/1)^(1*3) = $6367

Simple interest formula:

A = P*(1 + r*t)

Replacing with data:

A = P*(1 + 0.02*3) = $6360

Gnom [1K]3 years ago
3 0

Answer:

Account A will earn approximately $7 more in interest than account B.

Step-by-step explanation:

You might be interested in
Please help due tomorrow Fri
ch4aika [34]
5 feet is the answer
3 0
3 years ago
Read 2 more answers
A vegetable garden with an area of 200 square feet is to be fertilized. If the length of the garden is 1 foot less than three ti
charle [14.2K]
Ok so I like to go in steps with these questions- first draw a picture and identify your variables.

W=width
L= 3w-1

Now we know that length times width gets us area so we plug in our variables into the area equation.

200 = w(3w-1)

When you foil that equation you end up with a quadratic : 3w^2-w-200 = 0

Either factor that or use the quadratic formula to get
w= 8.33 and w= -8

Since you can't have a negative dimension you need to use 8.33 and plug it back into your length equation.

Final answer:

w= 8.33ft
l= 23.99ft

*Now I simplified the decimals a little bit so you end up with 199.8ft^2 for the area so just add a few decimals on here and there*
5 0
3 years ago
Read 2 more answers
Need help with understanding table of ordered pairs , I have two left and that's basically all.
azamat

Answer:

A

Step-by-step explanation:

The easiest way to figure this out is to substitute in the variables. So for a, 2=-5+7 is correct, and 7=0+7 is correct as well. If you were to look at the other answers, you would see that the equation would not match up. Hope this helps!

8 0
3 years ago
For what value of n is In - 11 + 1 equal to 1?
Leviafan [203]
It would be 11 if I’m reading this right
8 0
2 years ago
The value of y varies directly with x. When y=3,x=15 what is the value of y when y=10
Yuki888 [10]
If you mean the x, it would be 50
8 0
3 years ago
Other questions:
  • What is 1.75rounded to the nearest cent mathematics
    12·1 answer
  • Alexis reads 125 pages or about 45% of her book. How many total pages are in the book? Please explain
    15·1 answer
  • Pls help me with this  11-3 and 11-4 u press the link below 
    8·1 answer
  • X-intercept = -3, y-intercept = 4<br><br>A, B, C, or D​
    10·1 answer
  • The scoring of modern IQ tests is such that IQs have a Normal distribution with mean
    11·1 answer
  • As part of a class project, a university student surveyed the students in the cafeteria lunch line to look for a relationship be
    11·1 answer
  • What is the circumference of the circle if r = 3,5 feet?
    14·1 answer
  • What is 9 x 2/3 ,.........................................
    10·2 answers
  • Can someone please help me with these two questions
    9·1 answer
  • Jordan bought a magazine for $6 and some
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!