Answer:
$875.18
Step-by-step explanation:
Given data
Lydia
P=$5900
Interest rate=2 5/8% >>21/8= 2.625%
compounded monthly.
First, convert R percent to r a decimal
r = R/100
r = 2.625%/100
r = 0.02625 per year,
Then, solve our equation for A
A = P(1 + r/n)^nt
A = 5,900.00(1 + 0.0021875/12)^(12)(19)
A = $ 9,710.01
Jace
P=$5900
Interest rate= 2 1/8% >>> 17/8>> 2.125%
Time= 19 years
First, convert R percent to r a decimal
r = R/100
r = 2.125%/100
r = 0.02125 per year,
Then, solve our equation for A
A = Pert
A = 5,900.00(2.71828)^(0.02125)(19)
A = $ 8,834.83
Hence the difference in their account balance is
= 9,710.01- 8,834.83
=$875.18
Therefore Lydia has $875.18 more money than Jace
