Please help with this math problem!! Its due tonight!! :)
2 answers:
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Answer:
Brian has $776 more account in his account than Chris.
Step-by-step explanation:
Compound interest Formula:
= A-P
A= Amount after t years
P= Initial amount
r= Rate of interest
t= Time in year
Given that,
Brian invests $10,000 in an account earning 4% interest, compounded annually for 10 years.
Here P = $10,000 , r= 4%=0.04, t=10 years
The amount in his account after 10 years is
=$14802.44
≈$14802
Five years after Brian's investment,Chris invests $10,000 in an account earning 7% interest, compounded annually for 5 years.
Here P = $10,000 , r= 7%=0.07, t=5 years
The amount in his account after 5 years is
=$14025.51
≈$14026
From the it is cleared that Brian has $(14802-14026)=$776 more account in his account than Chris.