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Mathematics 13 Online
OpenStudy (anonymous):

City Bank offers 4% simple interest on deposits. County Bank offers 3% interest compounded annually. Derek deposits $5000 in City Bank and Lupe deposits $5000 in County Bank. What is the difference in final balances for Derek and Lupe at the end of 6 years? A. $229.74 B. $300.00 C. $356.33 D. $426.60

OpenStudy (solomonzelman):

write the compound interest formula, and solve for each option and see which one is greater.

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