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22 September, 10:02

Barry and Larry both deposited $15,000 into a savings account. Barry put his money into an account earning 3.5% simple interest and Larry put his money into an account earning 3.5% annual compound interest. Both leave the money in the account for 30 years. What is the difference in their ending balances? Question 3 options: $26, 351.91 $15,750 $11,351.91 $42,101.91

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  1. 22 September, 10:10
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    Step-by-step explanation:

    compound interest formula

    starting value*interest^to the no of years annually

    substitute the numbers so:

    15000*1.035^30

    1.035 is the interest

    15000 is start value

    30 is no of years

    so the answer is $42,101.91
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