1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lena [83]
3 years ago
6

Jim and bill each invest $15,000 into savings accounts that earn 3.5% interest. Jims account earns simple interests and bills ac

count earns compound interest. After 25 years, who will earn more interest and how much more will he earn.
Mathematics
1 answer:
Svet_ta [14]3 years ago
4 0

Answer:

Bill will earn more interest

He will earn $ 20,448.67 from his investment

Step-by-step explanation:

Firstly let us calculate Jim's earnings based on simple interest

A = P(1 + rt)

Calculation:

First, converting R percent to r

a decimal

r = R/100 = 3.5%/100 = 0.035 per year.

Solving our equation:

A = 15000(1 + (0.035 × 25)) = 28125

A = $28,125.00

The total amount accrued, principal plus interest, from simple interest on a principal of $15,000.00 at a rate of 3.5% per year for 25 years is $28,125.00 for Jim

Now let's us calculate bill's investment based on compound interest

Equation

A = P(1 + r)^t

A=15000(1+0.035)^25

A=15000(1.035)^25

A=15000*2.36324498427

A = $ 35,448.67

We see that Bill will earn

$ 20,448.67 from his investment

You might be interested in
Please help me on this it’s due tomorrow:(((
BigorU [14]

Answer:

Bro

Step-by-step explanation:

sorry

7 0
2 years ago
Read 2 more answers
Please tell me if its A,B,C,D, or E
kow [346]

Answer:

A

Step-by-step explanation:

I did the math! and got 15

Hope this helps!

6 0
2 years ago
Read 2 more answers
Find the Volume. A rectangular pyramid of height 8 in. measuring 6 in. and 12 in. along the base.
steposvetlana [31]
576 is answer I believe Good Luck
4 0
2 years ago
Madison to read a book that is 260 page and her mom said she can take a break and she is 30% finish how far does she need to rea
aliya0001 [1]
30% is 3/10. 260 times 3/10 is 780/10, or 78. She read 78 pages. 260 - 78 is 182 pages left.
3 0
3 years ago
Read 2 more answers
Corinne made a deposit of $6,000 into an account with a simple interest rate of 5%. How much interest will be in the account aft
oksian1 [2.3K]

Answer:

$8,864.73

Step-by-step explanation:

Base amount: $6,000.00

Interest Rate: 5% (yearly)

Effective Annual Rate: 5%

Calculation period: 8 years

8 0
3 years ago
Other questions:
  • 3/4 (x + 18) = 15 What is x equal to
    14·2 answers
  • Find the difference of 18.6 and 5.24.*​
    8·1 answer
  • 71. Suppose that you currently have one credit card with a balance of $10,000 at an annual rate of 24.00% interest. You have sto
    10·1 answer
  • If x+y = 3, xy =2 what is the value of x‌3+y3​
    7·2 answers
  • Solve the equation 5m = -10
    7·2 answers
  • Find the average rate of change
    5·2 answers
  • What are the solutions to the quadratic equation below? X^2-8x+16
    8·2 answers
  • PLS HELP DUE SOON WILL MARK BRAINLIEST
    7·1 answer
  • What’s the lengths of the sides using pythagoras
    7·1 answer
  • A gym has 65 members. If 35 are men and the
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!