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Mathematics, 14.04.2020 18:27, Izzyfizzy
Three friends decide that they each want to be able to buy a new bike in four years. IIiana puts $500 in a savings account with a simple interest rate of 4%. Joann invests S515 in a standard savers account with a simple interest rate of 3%. Cyndy invests $500 in a junior achievers account with a 3.5% compound interest rate.
Using the formula - Prt for simple interest and A-P(1+r) for compound interest, who will have the most money to s
1. a new bike at the end of the four years?
2. Joann will have the most money, $576.80 for the bike
3. Cyndy will have the most money, $580.00 for the bike.
4. Cyndy will have $576.80, the most money for the bike
5. Wana will have $580.00, the most money for the bike.
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Answers: 1
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Three friends decide that they each want to be able to buy a new bike in four years. IIiana puts $50...
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