Melanie invests $4,000 into an account offering 4% interest compounded annually. Gina invests $4,000 into a simple interest savi

Question

2 years ago

7

Melanie invests $4,000 into an account offering 4% interest compounded annually. Gina invests $4,000 into a simple interest savi

ngs account offering a 4.5% interest rate. What is the dollar amount of the greater balance at the end of five years? Round to the nearest dollar. Use the formula es026-1.jpg for compound interest; Use the formula es026-2.jpg for simple interest.

Mathematics

2 answers:

VashaNatasha [74] · Answer 1 · 2022-08-26T22:22:22+03:00

VashaNatasha [74]2 years ago

4 0

Melanie:
Amount after 5 years = 4000(1 + 0.04)⁵ = $4867

Gina:
Amount after 5 years = 4000 + 5(0.045 x 4000) = $4900

Answer: Gina has the greater balance and her balance is $4900.

Natalija [7] · Answer 2 · 2022-08-26T23:29:12+03:00

Natalija [7]2 years ago

3 0

Answer:

4900

explanation: i did the test