Answer:
$267.58
Step-by-step explanation:
Jameson: simple interest
6% =.06 .06 x 5 = .3 .3 x 7000 = 2,100 = interest
6% =.06 .06 x 5 = .3 .3 x 7000 = 2100 2100 + 7000 = 9,100 = total
Quincy: compound interest
6% =.06 .06 x 5 x 1 = .3 x 7000 = 2100
6% =.06 .06 x 5 x 1 = .3 x 7000 = 2100 + 7000 = 9100
.06 x 5 x 1 x 9100 = 2730 + 9100=11830
repeat five times u would get a interest of 2,367.58
and a total of 9,367.58
the total amounts 9,367.58 - 9,100 = 267.58
the interests 2,367.58 - 2,100. = 267.58
