Melissa deposits $60,000 into an account that pays simple interest at a rate of 3% per year. Greg deposits $60,000 into an account that also pays 3% interest per year. But it is compounded annually. Find the interest melissa and greg earn during each of the first three years.

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16-07-2024
Mathematics

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Melissa deposits $60,000 into an account that pays simple interest at a rate of 3% per year. Greg deposits $60,000 into an account that also pays 3% interest per year. But it is compounded annually. Find the interest melissa and greg earn during each of the first three years.

Sagot :

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Melissa deposits $60,000 into an account that pays simple interest at a rate of 3% per year. Greg deposits $60,000 into an account that also pays 3% interest per year. But it is compounded annually. Find the interest melissa and greg earn during each of the first three years.

Sagot :

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