Jack and charlie each deposit $17,250 into accounts that earn 6% interest for 6.5 years. Jacks account earns annual compound interest. Who will earn more interest after 6 years, and how much more interest will they earn?
Answers
From the amounts found using simple and compound interest formulas, we found that Carlie earns more interest than Jack by $1009.45.
What is the difference between simple and compound interests?
Simple interest is based on the principal amount, which is the main distinction between it and compound interest. Contrarily, compound interest is calculated using the principle sum and interest that has been compounded over the course of a period. Simple interest is a predetermined proportion of the principal amount borrowed or lent that is paid or received over a set period of time. Borrowers are required to pay interest on interest in addition to principal since compound interest accrues and is added to the accrued interest from prior periods.
The complete question is given below.
Given,
The principal amount deposited by both Jack and Carlie P = $17,250
The rate of interest r = 6% = 0.06
The time period = 6.5
Jack's account earns annual simple interest and Carlie's account earns annual compound interest.
So the amount in each person's account after a time period of t = 6 years.
Jack:
Amount = P(1+rt) = 17250 ( 1 + 0.06*6) = $23,460
Carlie:
number of times compounded in a year n = 1
Amount = [tex]P(1 + \frac{r}{n})^{nt}[/tex] = 17250 ( 1+0.06)⁶ = $24,469.45
Therefore from the amounts found using simple and compound interest formulas, we found that Carlie earns more interest than Jack by $1009.45.
To learn more about the interest, follow the link.
https://brainly.com/question/25720319
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Answers
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Answers
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Answers
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Step-by-step explanation:
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16 meters
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Step-by-step explanation: