How much more interest is earned on an investment of $12,585 at 3.5% interest over 5 years if the interest is compounded annuall

Question

2 years ago

9

y rather than earning simple interest? a. They are the same. b. $159.65 c. $2,362.03 d. $12,744.65

2 answers:

sdas [7] · Answer 1 · 2022-05-13T21:50:34+03:00

sdas [7]2 years ago

7 0

Answer:

The answer is c because your total account is $12,585 * 1.035^5=14947. Subtracting the original amount, you get 2362.03 total interest.

Hope the explanation is right.

prohojiy [21] · Answer 2 · 2022-05-13T23:29:32+03:00

3 0

Answer:

b

Step-by-step explanation:

with compounded interest is 14,947.03

simple interest is 14,787.37

14,947.03—14,787.37=159.65

you're looking for the difference between compounded and simple