annabonnie annabonnie

28-02-2017
Mathematics

contestada

Paul has $2,400 in a savings account earning 3.4% simple interest. How much more interest would he earn in 5 years if the interest were compounded annually?

Respuesta :

nobillionaireNobley nobillionaireNobley

06-03-2017

Amount using compound interest = 2400(1 + 0.034)^5 = 2400(1.034)^5 = 2400(1.1820) = $2,836.70

Amount using simple interest = 2400(1 + 5 x 0.034) = 2400(1 + 0.17) = 2400(1.17) = $2,808

Difference = $2,836.70 - $2,808 = $28.70

Therefore, he will earn $28.70 more interest in 5 years if the interest were compounded annually .

Answer Link

Otras preguntas

The expression 2(l + w) is used to calculate the perimeter of a rectangle, where l is length and w is width. If the length is Fraction 2 over 5 unit and the wid

The cpt code that is listed first for an encounter is the procedure that

At what gas temperature trms would the root-mean-square (rms) speed of a helium atom be equal to that of an oxygen molecule in a gas at 300 k?

Outwardly respectable adults who are frequent users of drugs may be successful college graduates who became caught up in the club scene in major cities and get

Joelle earns her regular pay of $7.50 per hour for up to 40 hours of work in a week. for each hour over 40 hours of work in a week, joelle is paid 1 ½ times her

Which of these statements describes clinical depression?a milder form of depression that usually follows a traumatic eventa medical condition that may occur due

Giving Brainliest! Describe a fight or flight response. Give example

Which of the following is not part of the icf model

There are 21 plates of tomato sandwiches, 27 plates of cheese sandwiches, and 12 plates of beef sandwiches on a buffet table. If a guest randomly picks a singl

What was the primary cause of the economic collapse of east germany the late 1980's? concern over the weakening economy of the soviet union. "brain drain" as