Question

How much money will be in Account A at the end of 3 years? $ How much money will be in Account B at the end of 3 years? $.

Answer 1

Account A is having $1,093 after 3 years. and Account B is having $1,120 after 3 years.

What is compound interest?

Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.

Elisa put $1,000 in each bank.

Account A: gives her at a rate of 3% per annum compounded annually.

Account B: $40 bonus is added to the account each year.

After 3 years, account A will have

$\rm Account \ A = 1000(1.03)^3\\\\Account \ A = 1093$

Account A is having $1,093 after 3 years.

After 3 years, account B will have

$\rm Account \ B= 1000 + 3(40)\\\\Account \ B= 1,120$

Account B is having $1,120 after 3 years.

More about the compound interest link is given below.

brainly.com/question/25857212