Diane deposits $50,000 into an account that pays 6% interest per year, compounded annually. Henry deposits $50,000 into an account that also pays 6% per year. But it is simple interest. Find the interest Diane and Henry 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.

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27-06-2024
Mathematics

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Diane deposits $50,000 into an account that pays 6% interest per year, compounded annually. Henry deposits $50,000 into an account that also pays 6% per year. But it is simple interest. Find the interest Diane and Henry 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.

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