Lakelyn has $2,500.00 to invest in a savings account. Savings account 1 earns 4% simple interest and savings account 2 earns 4% interest compounded annually. If she plans to deposit the $2,500.00 and leave it in the account for 1 year, in which savings account would she earn more interest?

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02-12-2021
Mathematics

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Lakelyn has $2,500.00 to invest in a savings account. Savings account 1 earns 4% simple interest and savings account 2 earns 4% interest compounded annually. If she plans to deposit the $2,500.00 and leave it in the account for 1 year, in which savings account would she earn more interest?

Sagot :

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dumfartfartman66 dumfartfartman66 · Answer 1 · 2021-12-03T00:20:18-05:00

Answer:

Let’s go back to the savings account example above. We started with $10,000 and ended up with a little more than $500 in interest after 10 years in an account with a 0.50% annual yield.

Step-by-step explanation:

Let’s go back to the savings account example above. We started with $10,000 and ended up with a little more than $500 in interest after 10 years in an account with a 0.50% annual yield.

Sagot :

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