Answered

Welcome to Westonci.ca, where curiosity meets expertise. Ask any question and receive fast, accurate answers from our knowledgeable community. Get quick and reliable solutions to your questions from a community of seasoned experts on our user-friendly platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Jessica deposits $3000 into an account that pays simple interest at a rate 2 % of per year. Tom deposits $3000 into an account that also pays 2% interest per year. But it is compounded annually. Find the interest Jessica and Tom earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Year First Second Third Interest Jessica earns (Simple interest) Interest Tom earns (Interest compounded annually) Who earns more interest? Jessica earns more. Tom earns more. They earn the same amount. Jessica earns more. Tom earns more. They earn the same amount. Jessica earns more. Tom earns more. They earn the same amount.

Sagot :

We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.