0Claudia0
Answered

Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Get immediate answers to your questions from a wide network of experienced professionals on our Q&A 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
We hope this was helpful. Please come back whenever you need more information or answers to your queries. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.