Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

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 :

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.

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 our answers were useful. Return anytime for more information and answers to any other questions you have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.