0Claudia0
Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Discover comprehensive solutions to your questions from a wide network of experts on our user-friendly platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

~SIMPLE AND COMPOUND INTEREST~
-Please help-
Carly deposited $800 in an account that earns 6% annual compounded semi-annually. Lara deposited $800 in an account that earns 6% simple interest. How much will each girl have in their account at the end of 10 years if they make no withdrawals or deposites
(C is for carly, and the L is for Lara)
A. C: $1432.68 L:$1280
B. C: $1444.89 L:$1280
C. C: $1444.89 L:$1320
D. C: $1432.68 L:$1320

Sagot :

Hippalectryon
Let's start by the easiest case, Lara's :
[tex]800+800*(6/100)*10=1280[/tex]

Now for Carly : 6% on a year -> 3% semi anually
Hence after 10 years = 20 half years she'll have [tex]800*(1+3/100)^20\approx1444.89[/tex]

Answer B
Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.