Answered

Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

5 Ben deposited $10,000 into each of two savings accounts. Account I 4% Compounded Annually Account II 3% Compounded Annually Ben does not make any more deposits or withdrawals. How much more money will be in account I than account II at the end of 3 years?​

Sagot :

facundobuzzetti

Answer:

There will be $312.37 more in Account I.

Step-by-step explanation:

Giving the following information:

Initial investment= $10,000

Number of periods= 3 years

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

Account I:

FV= 10,000*(1.04^3)

FV= $11,248.64

Account II:

FV= 10,000*(1.03^3)

FV= $10,927.27

There will be $312.37 more in Account I.

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.