Anne deposited $500 in an account that earns 6% simple annual interest. Shelly deposited $500 in an account that earns 6% annual

Question

3 years ago

14

interest compounded annually. They leave the money in the account for 4 years. What is the difference between the two accounts?

1 answer:

Mrac [35] · Answer 1 · 2022-09-24T13:28:00+03:00

Mrac [35]3 years ago

7 0

Answer:

$11.23

Step-by-step explanation:

A) 500 + 4(.06*500)

$500+4\left(0.06\cdot \:500\right)=620$

B) $500\cdot \:1.06^4=631.23848$