Question

Can anyone help me?

Crestline Bank offers 3% simple interest on deposits. Mid City Bank offers 2% interest compounded annually.
Jill deposits $3000 in Crestline Bank and Owen deposits $3000 in Mid City Bank.
What is the difference in final balances for Jill and Owen at the end of 5 years?

A.
$177.82







B.
$165.58







C.
$150.00







D.
$137.76

Answer 1

ok. can i give u an attachment

Answer 2

yes

Answer 3

D

Total amount after 5 years for crestline = 3000*(1+ 5*0.03)
Total amount after 5 years for mid city = 3000*(1 + 0.2)^5

Answer 4

Thanks!

Answer 5

Total amount for mid city after 5 years \[3000(1+0.02)^{5}\]is: