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Herky and Elaina want to compare their investment accounts to see how much they will have in the accounts after eight years. They substitute their values shown below into the compound interest formula. Compound Interest Accounts Name Principal Interest Rate Number of Years Compounded Herky $500 5% 8 Once a year Elaina $400 6% 8 Once a year mc013-1.jpg Which pair of equations would correctly calculate their compound interests? Herky: mc013-2.jpg, Elaina: mc013-3.jpg Herky: mc013-4.jpg, Elaina: mc013-5.jpg Herky: mc013-6.jpg, Elaina: mc013-7.jpg Herky: mc013-8.jpg, Elaina: mc013-9.jpg

5 months ago

compound interest formula P = A(1+r)^t since they both compound once per year that makes the calculations pretty straightforward, plug Herky's numbers and Elaina's numbers into two instances of the equation and see which choice matches the result

5 months ago
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