Three friends decide that they each want to be able to buy a new bike in four years.
Iliana puts $500 in a savings account with a simple interest rate of 4%. Joann invests $515 in a standard savers account with a simple interest rate of 3%.
Cyndy invests $500 in a junior achievers account with a 3.5% compound interest rate.
Using the formula I = P r t for simple interest and A = P (1 + r) Superscript t for compound interest, who will have the most money to spend on a new bike at the end of the four years?
Answers (2)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Three friends decide that they each want to be able to buy a new bike in four years. Iliana puts $500 in a savings account with a simple ...” 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
You Might be Interested in
Express 0.0346 as a fraction.
Answers (1)
Z + 3/5 equals Z/5 what is the awser
Answers (2)
What us the intercept form of (1,2) and (4,-4)
Answers (1)
What is sin 30? Use the triangle below as a guide if you need to.
Answers (1)
9, 5, 18, 21? 30, 36, 36, 42, 49 what is the missing number?
Answers (2)
New Questions in Mathematics
A study will be conducted to investigate whether there is a difference in the mean weights between two populations of raccoons.
Answers (1)
104/99 as mixed number
Answers (1)
Which of the following is the reciprocal parent function A. f (x) = - x^2 B. F (x) = x+1 C. F (x) = |x| D. F (x) = 1/x
Answers (1)
What is the sales tax on a jacket priced at $525 if the sales tax rate is 6%?
Answers (1)
The amount that sunrise library charges for an overdue book is $0.25 per day plus $1 service charge. write a function using 2 variables for this situation.
Answers (1)