Amount using compound interest = 2400(1 + 0.034)^5 = 2400(1.034)^5 = 2400(1.1820) = $2,836.70
Amount using simple interest = 2400(1 + 5 x 0.034) = 2400(1 + 0.17) = 2400(1.17) = $2,808
Difference = $2,836.70 - $2,808 = $28.70
Therefore, <span>he will earn $28.70 more interest in 5 years if the interest were compounded annually</span> .
Answer:
Nothing is hard if you put your mind to it.
Step-by-step explanation:
A factor would be 1 they all have in common
The circumference is defined to be c=2πr. where the circumference is equal to 2 times pi times the radius
