Ask Question
10 April, 19:13

Lee and Lyn both invested their birthday money. Lee put his money in a savings account that earned 8% simple interest annually. Lyn put her money in an account that earned 8% interest compounded annually. Who made the better investment and why?

+4
Answers (1)
  1. 10 April, 19:29
    0
    Lyn made a better investment.

    Her money will grow quicker than Lee because the money grows by 8% annually, and then the next year 8% off of the new balance.

    Lee's money will only grow by 8% from the original price.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Lee and Lyn both invested their birthday money. Lee put his money in a savings account that earned 8% simple interest annually. Lyn put her ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers