Question

Wendy and Connor each deposit 8,300 into accounts that earn 3.5% interest for 25 years Wendy's account earns annual simple interest sand Connor's account earns an annual compound interest who will earn more interest of 25 years and how much interest they will earn

Answer 1

Answer:

Connor will earn more interest because he is getting compound interest.

Step-by-step explanation:

I have to assume in this case that the interest is 3.5% Per year:

Simple Interest = P(r + t)

{P = Principle, r = interest rate, t = time)

Wendy = $8,300 x (3.5% x 25)

Wendy = $7,262.50 (2 d.p)

Wendy = $8,300 + $7,262.50

Wendy = $15,562.50

Compound Interest = $P (1 +r )^{t}$

{P = Principle, r = interest rate, t = time)

Connor = $8,300 x $(1 + 0.035)^{25}$

Connor = $19,614.93

Wendy's Interest = $15,562.50 - $8,300 = $7,262.50

Connor's interest = $ 19,614.93 - $8,300 = $11,314.93

Connor earned more interest by $4,052.43

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