Answer:
After 10 years, Julie's account balance will be $ 363.88 and Leah's account balance will be $ 411.75, thus Leah will have more money in her account.
Step-by-step explanation:
Since Julie invests $ 200 per month in an account that earns 6% interest per year, compounded monthly, and Leah invests $ 250 per month in an account that earns 5% interest per year, compounded monthly, to determine the amount of each after 10 years, the following calculations must be performed:
200 x (1 + 0.06 / 12) ^ 10x12 = X
200 x 1.005 ^ 120 = X
200 x 1.8193 = X
363.88 = X
250 x (1 + 0.05 / 12) ^ 10x12 = X
250 x 1.00416 ^ 120 = X
250 x 1.647 = X
411.75 = X
Therefore, after 10 years, Julie's account balance will be $ 363.88 and Leah's account balance will be $ 411.75, thus Leah will have more money in her account.
