Question

Mark deposits $12000 into an account that pays 4% interest, compounded annually, for 5 years. Saul deposits $10000 into an account that pays 6% interest, compounded annually, for 8 years. Assuming no additional deposits are made, compare the interest earned on the accounts at the end of the interest period for each.

Answer 1

Answer:

mark=$2400 &Saul=$4800

Step-by-step explanation:

For mark:

p=$12000

r=4%

t=5 years

I=prt/100

12000*4*5/100= 2400

For Saul:

p=$10000

r=6%

t=8 years

SI=prt/100

10000*6*8/100= 4800